Overview Financial Performance U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $2.2 billion in the second quarter of 2026, compared with $1.8 billion in the second quarter of 2025. Financial performance for the second quarter of 2026, compared with the second quarter of 2025, included the following: •Diluted earnings per common share of $1.35 in the second quarter of 2026, representing a 21.6 percent increase compared with the second quarter of 2025; •Net interest income increased $310 million (7.7 percent) primarily due to loan growth, improved earning asset mix, and benefits from fixed asset repricing; •Noninterest income increased $401 million (13.7 percent) driven by higher fee revenue across all categories and the contribution from the BTIG acquisition; •Noninterest expense increased $247 million (5.9 percent), reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and higher marketing and business development expense; •Average loans increased $27.0 billion (7.1 percent) driven by higher commercial loans, commercial real estate loans and credit card loans; and •Average deposits increased $12.2 billion (2.4 percent), driven by an increase in savings account balances, partially offset by a decrease in time deposits. The Company reported net income attributable to U.S. Bancorp of $4.1 billion in the first six months of 2026, compared with $3.5 billion in the first six months of 2025. Financial performance for the first six months of 2026, compared with the first six months of 2025, included the following: •Diluted earnings per common share of $2.53 in the first six months of 2026, representing an 18.2 percent increase compared with the first six months of 2025; •Net interest income increased $481 million (5.9 percent) primarily due to loan growth, improved earning asset mix, and fixed asset repricing; •Noninterest income increased $562 million (9.8 percent) driven by higher revenue across most categories and the contribution from the BTIG acquisition; •Noninterest expense increased $280 million (3.3 percent), reflecting the impact of the BTIG acquisition, higher technology and communications expense, higher marketing and business development expense and higher compensation and employee benefits expense; •Average loans increased $20.8 billion (5.5 percent) driven by higher commercial loans, credit card loans and commercial real estate loans; and •Average deposits increased $10.4 billion (2.1 percent), driven by an increase in savings account balances, partially offset by a decrease in time deposits. Credit Quality The Company maintained stable credit quality during the first six months of 2026. •The allowance for credit losses was $8.0 billion at June 30, 2026, compared to $7.9 billion at December 31, 2025. The ratio of the allowance for credit losses to period-end loans was 1.94 percent at June 30, 2026 compared to 2.03 percent at December 31, 2025. •The provision for credit losses increased $37 million (7.4 percent) in the second quarter of 2026 and $76 million (7.3 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to loan growth. •Nonperforming assets were $1.3 billion at June 30, 2026, a decrease of $244 million (15.3 percent) compared with December 31, 2025, driven by lower nonperforming commercial loans. •Net charge-offs decreased $18 million in the second quarter of 2026 and $19 million in the first six months of 2026, compared with the same periods of the prior year, reflecting lower commercial real estate and credit card loan net charge-offs, partially offset by higher commercial loan net charge-offs. •Total loan net charge-offs as a percentage of average loans was 0.53 percent in the second quarter of 2026 and 0.55 percent in the first six months of 2026, compared with 0.59 percent for both the second quarter and first six months of 2025. Capital Management At June 30, 2026, all of the Company’s regulatory capital ratios exceeded regulatory “well-capitalized” requirements. •The Company’s common equity tier 1 capital ratio was 10.8 percent at both June 30, 2026 and December 31, 2025. •The Company returned $1.0 billion and $2.1 billion of earnings to shareholders in the second quarter of 2026 and the first six months of 2026, respectively, through dividends and share repurchases. •The increase in shareholders’ equity during the second quarter and first six months of 2026 included the impact of common shares issued as consideration for the acquisition of BTIG. BTIG acquisition On June 1, 2026, the Company acquired BTIG for a purchase price consisting of approximately $395 million of cash and 6.6 million shares of the Company’s common stock paid on the closing date, with up to an additional $275 million of cash consideration to be paid over the next three years, subject to achievement of defined performance targets. BTIG is a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services. The acquisition is expected to add fee revenue to the Company’s Wealth, Corporate, Commercial and Institutional Banking business segment by expanding its current product offerings. 4 U.S. Bancorp Statement of Income Analysis The Company reported net income attributable to U.S. Bancorp of $2.2 billion for the second quarter of 2026, or $1.35 per diluted common share, compared with $1.8 billion, or $1.11 per diluted common share, for the second quarter of 2025. The Company reported net income attributable to U.S. Bancorp of $4.1 billion for the first six months of 2026, or $2.53 per diluted common share, compared with $3.5 billion, or $2.14 per diluted common share, for the first six months of 2025. The increases were due to higher net interest income and noninterest income, partially offset by higher noninterest expense and higher provision for credit losses. Net Interest Income Net interest income was $4.4 billion in the second quarter and $8.6 billion in the first six months of 2026, representing increases of $310 million (7.7 percent) and $481 million (5.9 percent), respectively, compared with the same periods of 2025. The increases were primarily due to loan growth, improved earning asset mix, and fixed asset repricing. Average earning assets for the second quarter and the first six months of 2026 were $15.7 billion (2.6 percent) and $14.8 billion (2.4 percent) higher, respectively, than the same periods of 2025, reflecting increases in loans and other earning assets, partially offset by decreases in interest-bearing deposits with banks and investment securities. The net interest margin, on a taxable-equivalent basis, was 2.79 percent in the second quarter of 2026 and 2.78 percent in the first six months of 2026, compared with 2.66 percent and 2.69 percent, respectively, for the same periods of 2025. The increases were primarily due to the combined effects of loan growth, improved earning asset mix and benefits from fixed asset repricing. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” tables for further information on net interest income. Average total loans in the second quarter and the first six months of 2026 were $27.0 billion (7.1 percent) and $20.8 billion (5.5 percent) higher, respectively, than the same periods of 2025. The increases were primarily due to higher commercial loans, commercial real estate loans and credit card loans. The increase in average commercial loans was primarily due to higher corporate loans and loans to financial institutions. The increase in average credit card loans was primarily driven by higher sales volume. Average commercial real estate loans increased due to higher commercial mortgage loan originations. Average investment securities in the second quarter and the first six months of 2026 were $2.3 billion (1.3 percent) and $1.0 billion (0.6 percent) lower, respectively, than the same periods of 2025, primarily due to net investment securities sales and maturities. Average total deposits for the second quarter and the first six months of 2026 were $12.2 billion (2.4 percent) and $10.4 billion (2.1 percent) higher, respectively, than the same periods of 2025. Average savings deposits for the second quarter and the first six months of 2026 were $15.5 billion (26.7 percent) and $16.8 billion (30.9 percent) higher, respectively, than the same periods of 2025, primarily due to an increase in Consumer and Business Banking balances. Average noninterest-bearing deposits for the second quarter and the first six months of 2026 were $1.5 billion (1.9 percent) and $1.2 billion (1.5 percent) higher, respectively, than the same periods of 2025, driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by a decrease in Consumer and Business Banking balances. Average time deposits for the second quarter and the first six months of 2026 were $10.5 billion (18.4 percent) and $9.7 billion (17.2 percent) lower, respectively, than the same periods of 2025, mainly due to decreases in Treasury and Corporate Support balances, and Wealth, Corporate, Commercial and Institutional Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Average money market deposits for the second quarter of 2026 were $4.9 billion (2.8 percent) higher than the second quarter of 2025, driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by a decrease in Consumer and Business Banking balances. Provision for Credit Losses The provision for credit losses was $538 million in the second quarter and $1.1 billion in the first six months of 2026, representing increases of $37 million (7.4 percent) and $76 million (7.3 percent), respectively, from the same periods of 2025, primarily due to loan growth. Net charge-offs decreased $18 million (3.2 percent) in the second quarter of 2026 and $19 million (1.7 percent) in the first six months of 2026, compared with the same periods of 2025. The decreases were driven by lower commercial real estate loan and credit card loan net charge-offs, partially offset by higher commercial loan net charge-offs. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses. Noninterest Income Noninterest income was $3.3 billion in the second quarter of 2026 and $6.3 billion in the first six months of 2026, representing increases of $401 million (13.7 percent) and $562 million (9.8 percent), respectively, compared with the same periods of 2025. The increases from the prior year reflected higher fee revenue across most categories. Capital markets revenue increased due to the contribution from BTIG following the acquisition in the second quarter of 2026, along with higher client-related derivative activity, corporate bond underwriting fees and favorable market conditions. Trust and investment management fees increased primarily due to business growth and favorable market conditions. Card revenue and corporate payment and treasury management revenue increased mainly due to higher sales volume. Lending and deposit-related fees increased primarily due to higher loan fees. Merchant processing services revenue increased due to favorable rates. U.S. Bancorp 5 TABLE 2 Noninterest Income Three Months Ended June 30 Six Months Ended June 30 (Dollars in Millions) 2026 2025 Percent Change 2026 2025 Percent Change Card revenue $ 435 $ 413 5.3 % $ 826 $ 787 5.0 % Corporate payment and treasury management revenue 440 421 4.5 848 821 3.3 Merchant processing services 485 474 2.3 921 889 3.6 Trust and investment management fees 785 703 11.7 1,530 1,383 10.6 Lending and deposit-related fees 308 277 11.2 602 543 10.9 Capital markets revenue 512 315 62.5 889 607 46.5 Mortgage banking revenue 169 162 4.3 330 335 (1.5) Investment products fees 102 90 13.3 199 177 12.4 Other 138 126 9.5 261 275 (5.1) Total fee revenue 3,374 2,981 13.2 6,406 5,817 10.1 Securities gains (losses), net (49) (57) 14.0 (84) (57) (47.4) Total noninterest income $ 3,325 $ 2,924 13.7 % $ 6,322 $ 5,760 9.8 % Effective January 1, 2026, the Company made changes and reclassifications to certain fee revenue items in order to align financial reporting with current management of the Company’s businesses. Prior period amounts have been conformed to the current period presentation. TABLE 3 Noninterest Expense Three Months Ended June 30 Six Months Ended June 30 (Dollars in Millions) 2026 2025 Percent Change 2026 2025 Percent Change Compensation and employee benefits $ 2,685 $ 2,600 3.3 % $ 5,313 $ 5,237 1.5 % Net occupancy and equipment 303 301 .7 607 607 — Professional services 112 109 2.8 204 207 (1.4) Marketing and business development 216 161 34.2 433 343 26.2 Technology and communications 601 534 12.5 1,174 1,067 10.0 Other intangibles 114 124 (8.1) 224 247 (9.3) Other 397 352 12.8 738 705 4.7 Total noninterest expense $ 4,428 $ 4,181 5.9 % $ 8,693 $ 8,413 3.3 % Efficiency ratio(a) 57.1 % 59.2 % 57.6 % 60.0 % (a)See Non-GAAP Financial Measures beginning on page 27. Noninterest Expense Noninterest expense was $4.4 billion in the second quarter and $8.7 billion in the first six months of 2026, representing increases of $247 million (5.9 percent) and $280 million (3.3 percent), respectively, from the same periods of 2025. The increases from the prior year reflected the impact of the BTIG acquisition, higher technology and communications expense, higher marketing and business development expense, higher compensation and employee benefits expense, and higher other noninterest expense. Technology and communications expense increased primarily due to investments in product and technology development. Marketing and business development expense was higher primarily due to increased initiatives. Compensation and employee benefits expense increased primarily due to merit increases and incentive compensation. Compensation and employee benefits expense also increased in the second quarter of 2026, compared with the second quarter of 2025, due to higher stock-based compensation expense. Income Tax Expense The provision for income taxes was $537 million (an effective rate of 19.7 percent) for the second quarter of 2026 and $1.0 billion (an effective rate of 19.6 percent) for the first six months of 2026, compared with $472 million (an effective rate of 20.6 percent) and $915 million (an effective rate of 20.6 percent) for the same periods of 2025, respectively. Balance Sheet Analysis Loans The Company’s loan portfolio was $410.3 billion at June 30, 2026, compared with $391.3 billion at December 31, 2025, an increase of $19.0 billion (4.8 percent). The increase was driven by higher commercial loans and commercial real estate loans. Commercial loans increased $11.5 billion (7.8 percent) at June 30, 2026, compared with December 31, 2025, primarily due to growth in corporate loans and loans to financial institutions. Commercial real estate loans increased $3.4 billion (7.0 percent) at June 30, 2026, compared with December 31, 2025, primarily due to increased commercial mortgage originations. 6 U.S. Bancorp Other retail loans increased $1.6 billion (3.9 percent) at June 30, 2026, compared with December 31, 2025, primarily due to higher revolving credit balances and retail leasing balances. Residential mortgages held in the loan portfolio increased $1.4 billion (1.2 percent) at June 30, 2026, compared with December 31, 2025, driven by originations. Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality. Credit card loans increased $1.0 billion (2.8 percent) at June 30, 2026, compared with December 31, 2025, primarily due to higher sales volumes. The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability, credit risk, liquidity needs, and capital implications. If the Company’s intent or ability to hold an existing portfolio loan changes, it is transferred to loans held for sale. Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $3.0 billion at June 30, 2026, compared with $2.5 billion at December 31, 2025. The increase was driven primarily by the timing of residential mortgage loan sales in the second quarter of 2026. Almost all of the residential mortgage loans the Company originates or purchases for sale follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets, in particular in government agency transactions and to government sponsored enterprises (“GSEs”). Investment Securities Investment securities totaled $163.2 billion at June 30, 2026, compared with $167.0 billion at December 31, 2025. The $3.8 billion (2.3 percent) decrease was primarily due to net investment securities sales and maturities. The Company’s available-for-sale investment securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. At both June 30, 2026 and December 31, 2025, the Company’s net unrealized losses on available-for-sale investment securities were $4.4 billion ($3.3 billion net-of-tax). Gross unrealized losses on available-for-sale investment securities totaled $4.7 billion at June 30, 2026 and December 31, 2025. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of the underlying collateral, the existence of any government or agency guarantees, and market conditions. At June 30, 2026, the Company had no plans to sell securities with unrealized losses, and believed it was more likely than not that it would not be required to sell such securities before recovery of their amortized cost. Refer to Notes 4 and 14 in the Notes to Consolidated Financial Statements for further information on investment securities. Deposits Total deposits were $532.1 billion at June 30, 2026, compared with $522.2 billion at December 31, 2025. The $9.9 billion (1.9 percent) increase in total deposits was driven by increases in savings account balances, interest checking balances and noninterest-bearing deposits, partially offset by decreases in time deposits and money market deposits. Savings account balances increased $10.0 billion (15.2 percent), driven by higher Consumer and Business Banking balances. Interest checking balances increased $3.8 billion (2.9 percent), primarily due to higher Wealth, Corporate, Commercial and Institutional Banking balances. Noninterest-bearing deposits increased $1.7 billion (2.0 percent) at June 30, 2026, compared with December 31, 2025, primarily driven by an increase in Wealth, Corporate, Commercial, and Institutional Banking balances. Money market deposit balances decreased $4.1 billion (2.2 percent), primarily due to lower Consumer and Business Banking balances. Time deposits decreased $1.5 billion (3.2 percent) at June 30, 2026, compared with December 31, 2025, driven by lower Consumer and Business Banking balances and lower Treasury and Corporate Support balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Borrowings The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $37.3 billion at June 30, 2026, compared with $17.2 billion at December 31, 2025. The $20.2 billion increase in short-term borrowings was primarily due to higher short-term Federal Home Loan Bank (“FHLB”) balances. Long-term debt was $58.7 billion at June 30, 2026, compared with $60.8 billion at December 31, 2025. The $2.1 billion (3.4 percent) decrease was primarily due to an $8.0 billion decrease in FHLB advances and $1.2 billion of subordinated note maturities, partially offset by $2.8 billion of medium-term note, $2.1 billion of bank note, $1.3 billion of subordinated note and $1.2 billion of credit-linked bank note issuances. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company. U.S. Bancorp 7 TABLE 4 Investment Securities June 30, 2026 December 31, 2025 (Dollars in Millions) Amortized Cost Fair Value Weighted- Average Maturity in Years Weighted- Average Yield(e) Amortized Cost Fair Value Weighted- Average Maturity in Years Weighted- Average Yield(e) Held-to-Maturity U.S. Treasury and agencies $ 649 $ 643 0.8 3.00 % $ 648 $ 644 1.3 3.00 % Mortgage-backed securities(a) 73,155 63,696 8.1 2.35 75,235 66,146 8.0 2.34 Other 281 283 1.0 2.65 287 289 1.5 2.63 Total held-to-maturity $ 74,085 $ 64,622 8.1 2.35 % $ 76,170 $ 67,079 7.9 2.34 % Available-for-Sale U.S. Treasury and agencies $ 30,120 $ 28,755 4.0 3.11 % $ 30,098 $ 28,770 4.0 2.61 % Mortgage-backed securities(a) 49,573 47,296 6.3 4.00 47,776 45,759 5.8 3.91 Asset-backed securities(a) 5,530 5,535 4.2 4.86 6,512 6,527 4.2 4.94 Obligations of state and political subdivisions(b)(c) 8,166 7,361 10.3 3.62 10,387 9,514 9.7 3.66 Other 137 138 1.6 4.58 265 268 1.3 4.63 Total available-for-sale(d) $ 93,526 $ 89,085 5.8 3.73 % $ 95,038 $ 90,838 5.5 3.55 % (a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. (b)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. (c)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. (d)Amortized cost excludes portfolio level basis adjustments of $3 million at June 30, 2026 and $185 million at December 31, 2025. (e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Corporate Risk Profile Overview Managing risks is an essential part of successfully operating a financial services company. The Company’s Board of Directors has approved a risk management framework that establishes governance and risk management requirements for all risk-taking activities. This framework includes Company risk appetite statements that set boundaries for the types and amount of risk that may be undertaken in pursuing business objectives and initiatives. The Board of Directors, primarily through its Risk Management Committee, oversees performance relative to the risk management framework, risk appetite statements, and other policy requirements. The Executive Risk Committee (“ERC”), which is chaired by the Chief Risk Officer and includes the Chief Executive Officer and other members of the executive management team, oversees execution against the risk management framework and risk appetite statements. The ERC focuses on current and emerging risks, including strategic risk, by directing timely and comprehensive actions. Senior operating committees have also been established, each responsible for overseeing a specified category of risk. The Company’s most prominent risk exposures are credit, interest rate, market, liquidity, operational, compliance, strategic, and reputation. Credit risk is the risk of loss associated with a change in the credit profile or the failure of a borrower or counterparty to meet its contractual obligations. Interest rate risk is the current or prospective risk to earnings and capital arising from the impact of changes in interest rates. Market risk is the risk associated with fluctuations in interest rates, foreign exchange rates, commodities and credit spreads that may result in changes in the values of financial instruments, such as trading securities, mortgage loans held for sale (“MLHFS”) and mortgage servicing rights (“MSRs”). Liquidity risk is the risk that financial condition or overall safety and soundness is adversely affected by the Company’s inability, or perceived inability, to meet its cash flow obligations in a timely and complete manner in either normal or stressed conditions. Operational risk is the risk to current or projected financial condition and resilience arising from inadequate or failed internal processes or systems, people (including human errors or misconduct), or adverse external events, including the risk of loss resulting from breaches in data security. Operational risk can also include the risk of loss due to failures by third parties with which the Company does business. Compliance risk is the risk that the Company may suffer legal or regulatory sanctions, financial losses, and damage to its brand if it fails to adhere to compliance requirements and the Company’s compliance policies. Strategic risk is the risk to current or projected financial condition and resilience arising from adverse business decisions, poor implementation of business decisions, or lack of responsiveness to changes in the banking industry and operating environment. Reputation risk is the risk to current or projected financial condition and resilience arising from actions, decisions, or events that diminish the trust and confidence of key stakeholders. In addition to the risks identified above, other risk factors exist that may impact the Company. Refer to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for a detailed discussion of these factors. The Company’s Board and management-level governance committees are supported by a “three lines of defense” model 8 U.S. Bancorp for establishing effective checks and balances. The first line of defense, the business lines, manages risks in conformity with established limits and policy requirements. In turn, business line leaders and their risk officers establish programs to ensure conformity with these limits and policy requirements. The second line of defense, which includes the Chief Risk Officer’s organization as well as policy and oversight activities of corporate support functions, translates risk appetite and strategy into actionable risk limits and policies. The second line of defense monitors first line of defense conformity with limits and policies and provides reporting and escalation of emerging risks and other concerns to senior management and the Risk Management Committee of the Board of Directors. The third line of defense, internal audit, is responsible for providing the Audit Committee of the Board of Directors and senior management with independent assessment and assurance regarding the effectiveness of the Company’s governance, risk management and control processes. Management regularly provides reports to the Risk Management Committee of the Board of Directors. The Risk Management Committee discusses with management the Company’s risk management performance and provides a summary of key risks to the entire Board of Directors, covering the status of existing matters, areas of potential future concern and specific information on certain types of loss events. The Risk Management Committee considers quarterly reports by management assessing the Company’s performance relative to the risk appetite statements and the associated risk limits, including: •Macroeconomic environment and other qualitative considerations, such as regulatory and compliance changes, litigation developments, geopolitical events, and technology and cybersecurity; •Credit measures, including adversely rated and nonperforming loans, leveraged transactions, credit concentrations and lending limits; •Interest rate and market risk, including market value and net income simulation, and trading-related Value at Risk (“VaR”); •Liquidity risk, including funding projections under various stressed scenarios; •Operational and compliance risk, including losses stemming from events such as fraud, processing errors, control breaches, breaches in data security or adverse business decisions, as well as reporting on technology performance, and various legal and regulatory compliance measures; •Capital ratios and projections, including regulatory measures and stressed scenarios; and •Strategic and reputation risk considerations, impacts and responses. Credit Risk Management The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures. The strategy also emphasizes diversification on a geographic, industry and customer level, regular credit examinations and management reviews of loans exhibiting deterioration of credit quality. The Risk Management Committee oversees the Company’s credit risk management process. In addition, credit quality ratings, as defined by the Company, are an important part of the Company’s overall credit risk management and evaluation of its allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Loans with a special mention or classified rating encompass all loans held by the Company that it considers having a potential or well-defined weakness that may put full collection of contractual cash flows at risk. These are defined by individually graded credit quality ratings for larger corporate loans or scored- based credit quality ratings in consumer lending and small business loans. Scored-based loans classified as problem loans are typically 90 days or more past due and still accruing, nonaccrual loans or loans in a junior lien position that are current but are behind a first lien position on nonaccrual. Refer to Note 5 in the Notes to Consolidated Financial Statements for further discussion of the Company’s loan portfolios including internal credit quality ratings. In addition, refer to “Management’s Discussion and Analysis — Credit Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for a more detailed discussion on credit risk management processes. The Company manages its credit risk, in part, through diversification of its loan portfolio which is achieved through limit setting by product type criteria, such as industry and geography, and identification of credit concentrations. The Company categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending. The commercial lending segment includes loans and leases made to small business, middle market, large corporate, commercial real estate, financial institution, non-profit and public sector customers. Key risk characteristics relevant to commercial lending segment loans include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial flexibility, loan covenants, and nature of pledged collateral, if any, as well as macroeconomic factors such as unemployment rates, corporate bond spreads, commercial property prices and long-term interest rates. These risk characteristics, among others, are considered in determining estimates about the likelihood of default by the borrowers and the severity of loss in the event of default. The Company considers these risk characteristics in assigning internal risk ratings to, or forecasting losses on, these loans, which are factors in determining the allowance for credit losses for loans in the commercial lending segment. The consumer lending segment represents loans and leases made to consumer customers, including residential mortgages, consumer and small business credit card loans, and other retail loans such as revolving consumer lines, auto loans and leases and home equity loans and lines. Key risk characteristics relevant to consumer lending segment loans primarily relate to the borrowers’ capacity and willingness to repay, customer payment history and credit scores and consider macroeconomic factors such as unemployment U.S. Bancorp 9 rates, asset and property prices, household debt levels, real disposable income, the effect of higher interest rates on variable rate or adjustable rate loans, and in some cases, updated loan-to-value (“LTV”) information reflecting current market conditions on secured loans. These and other risk characteristics are reflected in forecasts of losses which are factors in determining the allowance for credit losses for the consumer lending segment. The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. Effective January 1, 2026, the Company reclassified small business credit card loans from the commercial loan portfolio to the credit card loan portfolio as these loans share similar credit characteristics to consumer credit card loans. Prior period balances and all related disclosures have been conformed to the current period presentation. The Company’s consumer lending segment originates consumer credit through several channels, including traditional branch lending, mobile and online banking, indirect lending, alliance partnerships and correspondent banks. Each distinct underwriting and origination process within consumer lending manages unique credit risk characteristics and prices its loan production commensurate with the differing risk profiles. Residential mortgage originations are generally limited to prime borrowers and are performed through the Company’s branches, loan production offices, mobile and online services, and a wholesale network of originators. The Company may retain residential mortgage loans it originates on its balance sheet or sell the loans into the secondary market while retaining the servicing rights and customer relationships. Utilizing the secondary markets enables the Company to effectively reduce its credit and other asset/liability risks. For residential mortgages that are retained in the Company’s portfolio and for home equity and second mortgages, credit risk is managed by adherence to LTV and borrower credit criteria during the underwriting process. The Company estimates updated LTV information on its outstanding residential mortgages quarterly, based on a method that combines automated valuation model updates and relevant home price indices. LTV is the ratio of the loan’s outstanding principal balance to the current estimate of property value. For home equity and second mortgages, combined loan-to-value (“CLTV”) is the combination of the first mortgage original principal balance and the second lien outstanding principal balance, relative to the current estimate of property value. Certain loans do not have an LTV or CLTV, primarily due to lack of available relevant automated valuation model and/or home price indices values, or lack of necessary valuation data on acquired loans. The following tables provide summary information of residential mortgages and home equity and second mortgages by LTV at June 30, 2026: Residential Mortgages (Dollars in Millions) Interest Only Amortizing Total Percent of Total Loan-to-Value Less than or equal to 80% $ 12,129 $ 91,628 $ 103,757 88.5 % Over 80% through 90% 167 4,126 4,293 3.7 Over 90% through 100% 15 823 838 .7 Over 100% 4 382 386 .3 No LTV available — 6 6 — Loans purchased from GNMA mortgage pools(a) — 8,031 8,031 6.8 Total $ 12,315 $ 104,996 $ 117,311 100.0 % (a)Represents loans purchased and loans that could be purchased from Government National Mortgage Association (“GNMA”) mortgage pools under delinquent loan repurchase options whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. Home Equity and Second Mortgages (Dollars in Millions) Lines Loans Total Percent of Total Loan-to-Value / Combined Loan-to-Value Less than or equal to 80% $ 10,627 $ 2,811 $ 13,438 95.1 % Over 80% through 90% 457 116 573 4.0 Over 90% through 100% 60 19 79 .6 Over 100% 21 6 27 .2 No LTV/CLTV available 14 — 14 .1 Total $ 11,179 $ 2,952 $ 14,131 100.0 % Credit card and other retail loans are diversified across customer segments and geographies. Diversification in the credit card portfolio is achieved with broad customer relationship distribution through the Company’s and financial institution partners’ branches, retail and affinity partners, and digital channels. The following table provides a summary of the Company’s consumer credit card loan balances disaggregated based upon updated credit score at June 30, 2026: Percent of Total(a) Credit score > 660 87 % Credit score < 660 13 No credit score — (a)Credit score distribution excludes loans serviced by others. 10 U.S. Bancorp Loan Delinquencies Trends in delinquency ratios are an indicator, among other considerations, of credit risk within the Company’s loan portfolios. The entire balance of a loan account is considered delinquent if the minimum payment contractually required to be made is not received by the date specified on the billing statement. Delinquent loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options, whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, are excluded from delinquency statistics. Accruing loans 90 days or more past due totaled $735 million at June 30, 2026, compared with $853 million at December 31, 2025. Accruing loans 90 days or more past due are not included in nonperforming assets and continue to accrue interest because they are adequately secured by collateral, are in the process of collection and are reasonably expected to result in repayment or restoration to current status, or are managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines. The ratio of accruing loans 90 days or more past due to total loans was 0.18 percent at June 30, 2026, compared with 0.22 percent at December 31, 2025. 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 % (a)Delinquent loan ratios exclude $3.9 billion at June 30, 2026, and $3.5 billion at December 31, 2025, of loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. Including these loans, the ratio of residential mortgages 90 days or more past due and nonperforming to total residential mortgages was 3.71 percent at June 30, 2026, and 3.37 percent at December 31, 2025. U.S. Bancorp 11 The following table provides summary delinquency information for residential mortgages, credit card and other retail loans included in the consumer lending segment: Amount As a Percent of Ending Loan Balances (Dollars in Millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Residential Mortgages(a) 30-89 days $ 180 $ 214 .15 % .18 % 90 days or more 236 285 .20 .25 Nonperforming 171 151 .15 .13 Total $ 587 $ 650 .50 % .56 % Credit Card 30-89 days $ 459 $ 511 1.17 % 1.34 % 90 days or more 441 483 1.13 1.27 Nonperforming — — — — Total $ 900 $ 994 2.30 % 2.61 % Other Retail Retail Leasing 30-89 days $ 20 $ 20 .49 % .57 % 90 days or more 2 2 .05 .06 Nonperforming 7 7 .17 .20 Total $ 29 $ 29 .71 % .82 % Home Equity and Second Mortgages 30-89 days $ 43 $ 57 .30 % .41 % 90 days or more 18 25 .13 .18 Nonperforming 138 136 .98 .97 Total $ 199 $ 218 1.41 % 1.55 % Other(b) 30-89 days $ 100 $ 110 .42 % .48 % 90 days or more 21 25 .09 .11 Nonperforming 17 18 .07 .08 Total $ 138 $ 153 .58 % .67 % (a)Excludes $374 million of loans 30-89 days past due and $3.9 billion of loans 90 days or more past due at June 30, 2026, purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that continue to accrue interest, compared with $606 million and $3.5 billion at December 31, 2025, respectively. (b)Includes revolving credit, installment and automobile loans. Modified Loans The Company may modify loan terms to support borrowers facing financial hardship, typically through interest rate reductions, maturity extensions or other concessions. Modified loans accrue interest if borrowers meet revised terms over time. Modifications are assessed case-by-case across loan types, with commercial loans often involving maturity extensions and collateral adjustments, and residential mortgages modified under federal and internal programs to improve affordability. Credit card and retail loan modifications follow structured programs. Refer to Note 5 of the Notes to Consolidated Financial Statements for further information on loan modifications to borrowers experiencing financial difficulty. The Company also makes short-term modifications, in limited circumstances, to assist borrowers experiencing temporary hardships. Short-term consumer lending modification programs include payment reductions, deferrals of up to three past due payments, and the ability to return to current status if the borrower makes required payments. The Company may also make short-term modifications to commercial lending loans, with the most common modification being an extension of the maturity date of three months or less. Such extensions generally are used when the maturity date is imminent and the borrower is experiencing some level of financial stress, but the Company believes the borrower will pay all contractual amounts owed. 12 U.S. Bancorp TABLE 6 Nonperforming Assets(a) (Dollars in Millions) June 30, 2026 December 31, 2025 Commercial Commercial $ 377 $ 695 Lease financing 25 22 Total commercial 402 717 Commercial Real Estate Commercial mortgages 538 504 Construction and development 30 14 Total commercial real estate 568 518 Residential Mortgages(b) 171 151 Credit Card — — Other Retail Retail leasing 7 7 Home equity and second mortgages 138 136 Other 17 18 Total other retail 162 161 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 % Changes in Nonperforming Assets (Dollars in Millions) Commercial and Commercial Real Estate Residential Mortgages, Credit Card and Other Retail Total Balance December 31, 2025 $ 1,235 $ 355 $ 1,590 Additions to nonperforming assets New nonaccrual loans and foreclosed properties 238 111 349 Advances on loans 25 1 26 Total additions 263 112 375 Reductions in nonperforming assets Paydowns, payoffs (151) (34) (185) Net sales (93) (14) (107) Return to performing status (10) (30) (40) Charge-offs(d) (274) (13) (287) Total reductions (528) (91) (619) Net additions to (reductions in) nonperforming assets (265) 21 (244) Balance June 30, 2026 $ 970 $ 376 $ 1,346 (a)Throughout this report, nonperforming assets and related ratios do not include accruing loans 90 days or more past due. (b)Excludes $3.9 billion at June 30, 2026, and $3.5 billion at December 31, 2025, of loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. (c)Foreclosed GNMA loans of $81 million at June 30, 2026, and $65 million at December 31, 2025, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. (d)Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the charge-off occurred. U.S. Bancorp 13 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 % Six 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 $ 149,181 $ 208 .28 % $ 132,013 $ 156 .24 % Lease financing 4,448 9 .41 4,206 10 .48 Total commercial 153,629 217 .28 136,219 166 .25 Commercial Real Estate Commercial mortgages 40,909 15 .07 38,408 52 .27 Construction and development 9,429 (10) (.21) 10,269 1 .02 Total commercial real estate 50,338 5 .02 48,677 53 .22 Residential Mortgages 116,944 (1) — 117,221 (1) — Credit Card 37,875 732 3.90 35,262 767 4.39 Other Retail Retail leasing 3,636 32 1.77 3,929 23 1.18 Home equity and second mortgages 14,014 1 .01 13,610 (1) (.01) Other 23,117 96 .84 23,859 94 .79 Total other retail 40,767 129 .64 41,398 116 .57 Total loans $ 399,553 $ 1,082 .55 % $ 378,777 $ 1,101 .59 % 14 U.S. Bancorp Nonperforming Assets The level of nonperforming assets represents another indicator of the Company’s risk within the loan portfolio. Nonperforming assets include nonaccrual loans, modified loans not performing in accordance with modified terms and not accruing interest, modified loans that have not met the performance period required to return to accrual status, other real estate owned (“OREO”) and other nonperforming assets owned by the Company. Interest payments collected from assets on nonaccrual status are generally applied against the principal balance and not recorded as income. However, interest income may be recognized for interest payments received if the remaining carrying amount of the loan is believed to be collectible. At June 30, 2026, total nonperforming assets were $1.3 billion, compared to $1.6 billion at December 31, 2025. The $244 million (15.3 percent) decrease in nonperforming assets was primarily due to lower nonperforming commercial loans. The ratio of total nonperforming assets to total loans and other real estate was 0.33 percent at June 30, 2026, compared with 0.41 percent at December 31, 2025. OREO was $24 million at both June 30, 2026 and December 31, 2025, and was related to foreclosed properties that previously secured loan balances. These balances exclude foreclosed GNMA loans whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. Analysis of Loan Net Charge-offs Total loan net charge-offs were $536 million for the second quarter and $1.1 billion for the first six months of 2026, compared with $554 million and $1.1 billion, respectively, for the same periods of 2025. The decreases in net charge-offs reflected lower commercial real estate loan and credit card loan net charge-offs, partially offset by higher commercial loan net charge-offs. The ratio of total loan net charge-offs to average loans outstanding on an annualized basis for the second quarter and first six months of 2026 was 0.53 percent and 0.55 percent, respectively, compared with 0.59 percent for both the second quarter and first six months of 2025. Analysis and Determination of the Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, net of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis. Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for expected prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, both better and worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, changes in borrower behavior or conditions in specific lending segments, loan servicing practices, regulatory guidance, fiscal and monetary policy actions, and/or other emerging risks which may impact the portfolio. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments, which is included in other liabilities in the Consolidated Balance Sheet. Both the allowance for loan losses and the liability for unfunded credit commitments are included in the Company’s analysis of credit losses and reported reserve ratios. The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors are aligned to the key risk characteristics of the commercial and consumer lending segments and include, but are not limited to, macroeconomic variables, loan characteristics and borrower characteristics. For each loan portfolio, including those loans modified under various loan modification programs, model estimates are adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices, economic conditions or other factors that may affect the accuracy of the model. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously charged-off or expected recoveries on collateral-dependent loans where recovery is expected through sale of the collateral at fair value less selling costs. For loans and leases that do not share similar risk characteristics with a pool of loans, the Company establishes individually assessed reserves. Reserves for larger individual nonperforming loans in the commercial lending segment are analyzed utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate. When a loan portfolio is purchased, the acquired loans are divided into those considered purchased with more than insignificant credit deterioration (“PCD”) and those not considered PCD. An allowance is established for each population and considers product mix, risk characteristics of the portfolio, delinquency status and refreshed LTV ratios when possible. Considerations for PCD loans include whether the loan has experienced a charge-off, bankruptcy or significant deterioration since origination. The allowance established for purchased loans not considered PCD is recognized through provision expense upon acquisition, whereas the allowance established for loans considered PCD at acquisition is offset by an increase in the basis of the acquired loans. Any subsequent increases and decreases in U.S. Bancorp 15 the allowance related to purchased loans, regardless of PCD status, are recognized through provision expense, with charge-offs charged to the allowance. The Company had a total net book balance of $1.4 billion of loans assigned a PCD status, primarily related to the MUFG Union Bank, N.A. acquisition, included in its loan portfolio at June 30, 2026. The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors not captured in quantitative model adjustments which include, but are not limited to, the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the economic environment that are affecting specific portfolios, or changes in portfolio composition over time that may affect model performance. The consideration of these factors results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio. Although the Company determined the amount of each element of the allowance separately and considers this process to be an important credit management tool, the entire allowance for credit losses is available for the entire loan portfolio. The actual amount of losses can vary significantly from the estimated amounts. The allowance for credit losses was $8.0 billion at June 30, 2026, compared with $7.9 billion at December 31, 2025. The $32 million (0.4 percent) increase was primarily driven by loan portfolio growth, partially offset by improved credit quality. The Company continued to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers. In addition to these broad economic factors, the Company considered various factors for determining its expected loss estimates, including customer specific information impacting changes in risk ratings, projected delinquencies and the impact of economic deterioration on selected borrowers’ liquidity and ability to repay. The ratio of the allowance for credit losses to period-end loans was 1.94 percent at June 30, 2026, compared with 2.03 percent at December 31, 2025. The ratio of the allowance for credit losses to nonperforming loans was 612 percent at June 30, 2026, compared with 514 percent at December 31, 2025. The ratio of the allowance for credit losses to annualized loan net charge-offs was 371 percent at June 30, 2026, compared with 367 percent of full year 2025 net charge-offs at December 31, 2025. The allowance for credit losses related to commercial lending segment loans decreased $72 million during the first six months of 2026, reflecting improved credit quality, partially offset by commercial loan growth. The allowance for credit losses related to consumer lending segment loans increased $104 million during the first six months of 2026, primarily driven by loan portfolio growth, partially offset by credit quality improvement. Economic forecasts considered in estimating the allowance for credit losses at June 30, 2026 included changes in projected gross domestic product and unemployment levels. These factors were evaluated through a combination of quantitative calculations using multiple economic scenarios and additional qualitative assessments that considered the degree of economic uncertainty in the current environment. The projected unemployment rates considered in the estimate ranged from 3.6 percent to 9.5 percent, with a peak weighted-average unemployment rate of 5.9 percent. The following table summarizes the baseline forecast for key economic variables the Company used in its estimate of the allowance for credit losses at June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 United States unemployment rate for the three months ending(a) June 30, 2026 4.5 % 4.5 % December 31, 2026 4.6 4.4 June 30, 2027 4.5 4.4 United States real gross domestic product for the three months ending(b) June 30, 2026 2.3 % 1.8 % December 31, 2026 2.1 1.8 June 30, 2027 2.1 1.9 (a)Reflects quarterly average of forecasted reported United States unemployment rate. (b)Reflects year-over-year growth rates. 16 U.S. Bancorp TABLE 8 Summary of Allowance for Credit Losses Three Months Ended June 30 Six Months Ended June 30 (Dollars in Millions) 2026 2025 2026 2025 Balance at beginning of period $ 7,977 $ 7,915 $ 7,947 $ 7,925 Charge-Offs Commercial Commercial 114 78 252 190 Lease financing 8 8 14 15 Total commercial 122 86 266 205 Commercial real estate Commercial mortgages 20 74 23 98 Construction and development — — 1 1 Total commercial real estate 20 74 24 99 Residential mortgages 5 4 8 8 Credit card 446 442 885 896 Other retail Retail leasing 17 13 39 30 Home equity and second mortgages 1 1 4 3 Other 65 63 133 132 Total other retail 83 77 176 165 Total charge-offs 676 683 1,359 1,373 Recoveries Commercial Commercial 23 19 44 34 Lease financing 3 2 5 5 Total commercial 26 21 49 39 Commercial real estate Commercial mortgages 7 17 8 46 Construction and development — — 11 — Total commercial real estate 7 17 19 46 Residential mortgages 5 5 9 9 Credit card 79 62 153 129 Other retail Retail leasing 3 3 7 7 Home equity and second mortgages 1 1 3 4 Other 19 20 37 38 Total other retail 23 24 47 49 Total recoveries 140 129 277 272 Net Charge-Offs Commercial Commercial 91 59 208 156 Lease financing 5 6 9 10 Total commercial 96 65 217 166 Commercial real estate Commercial mortgages 13 57 15 52 Construction and development — — (10) 1 Total commercial real estate 13 57 5 53 Residential mortgages — (1) (1) (1) Credit card 367 380 732 767 Other retail Retail leasing 14 10 32 23 Home equity and second mortgages — — 1 (1) Other 46 43 96 94 Total other retail 60 53 129 116 Total net charge-offs 536 554 1,082 1,101 Provision for credit losses 538 501 1,114 1,038 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 U.S. Bancorp 17 Residual Value Risk Management The Company manages its risk to changes in the residual value of leased vehicles, office and business equipment, and other assets through disciplined residual valuation at the inception of a lease, diversification of its leased assets, regular residual asset valuation reviews and monitoring of residual value gains or losses upon the disposition of assets. As of June 30, 2026, no significant change in the amount of residual values or concentration of the portfolios had occurred since December 31, 2025. Refer to “Management’s Discussion and Analysis — Residual Value Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for further discussion on residual value risk management. Operational Risk Management The Company operates in many different businesses in diverse markets and relies on the ability of its employees and systems to process a high number of transactions. Operational risk is inherent in all business activities, and the management of this risk is important to the achievement of the Company’s objectives. Business lines have direct and primary responsibility and accountability for identifying, controlling, and monitoring operational risks embedded in their business activities, including those additional or increased risks created by economic and financial disruptions. The Company maintains a system of controls with the objectives of providing proper transaction authorization and execution, proper system operations and proper oversight of third parties with whom it does business, safeguarding of assets from misuse or theft, and ensuring the reliability and security of financial and other data. The Company also maintains a cybersecurity risk program which provides centralized planning and management of related and interdependent work with a focus on risks from cybersecurity threats. The Company's cybersecurity risk program is integrated into the Company's overall business and operational strategies and requires that the Company allocate appropriate resources to maintain the program. Refer to “Management’s Discussion and Analysis — Operational Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for further discussion on operational risk management. Compliance Risk Management The Company may suffer legal or regulatory sanctions, material financial loss, or damage to its brand if it fails to comply with laws, regulations, rules, standards of good practice, and codes of conduct, including those related to compliance with Bank Secrecy Act/anti-money laundering requirements, sanctions compliance requirements as administered by the Office of Foreign Assets Control, consumer protection and other requirements. The Company has controls and processes in place for the assessment, identification, monitoring, management and reporting of compliance risks and issues, including those created or increased by economic and financial disruptions. Refer to “Management’s Discussion and Analysis — Compliance Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for further discussion on compliance risk management. Strategic Risk Management The Board of Directors oversees the Company’s strategic direction and approves the strategic plan. Senior management develops and executes strategic objectives, assessing internal capabilities, market conditions, emerging risks, and regulatory developments as part of the annual strategic planning cycle. Strategic Risk Management (“SRM”), operating as the second line of defense, provides independent oversight of strategic initiatives and associated risk exposures. SRM evaluates strategic proposals, monitors key internal and external risk drivers, and performs review and challenge of business lines to ensure strategy execution aligns with the Company’s risk appetite and governance expectations. The Company conducts ongoing monitoring of strategic risk through periodic reporting to senior management and the Board of Directors. Reporting includes updates on strategic initiatives, operating environment changes, risk indicators, and emerging risks. Strategic risk insights are integrated into enterprise risk assessments, risk appetite monitoring, and strategic performance reviews. The Company continuously enhances its strategic risk management practices to reflect changes in the operating environment and evolving governance expectations. Interest Rate Risk Management In the banking industry, changes in interest rates are a significant risk that can impact earnings as well as the safety and soundness of an entity. The Company manages its exposure to changes in interest rates through asset and liability management activities within guidelines established by its Asset Liability Management Committee (“ALCO”) and approved by the Board of Directors. The ALCO has the responsibility for approving and overseeing compliance with the ALCO management policies, including interest rate risk exposure. One way the Company measures and analyzes its interest rate risk is through analysis of net interest income sensitivities across a range of scenarios. Net interest income sensitivity analysis includes evaluating all of the Company’s assets and liabilities and off-balance sheet instruments, inclusive of new business activity, under various interest rate scenarios that differ in the direction, amount and speed of change over time, as well as the overall shape of the yield curve. The balance sheet includes assumptions regarding loan and deposit volumes and pricing which are based on quantitative analysis, historical trends and management outlook and strategies. Deposit balances, mix and pricing are dynamic across interest rate scenarios and will change both with the absolute level of rates as well as the assumed interest rate shock. Deposit pricing changes, commonly referred to as the deposit beta, represents the amount by which the Company’s interest-bearing deposit rates have or will change given a change in short-term market rates. Base case and net interest income sensitivities are reviewed monthly by the ALCO and are used to guide asset/liability management strategies. 18 U.S. Bancorp TABLE 9 Sensitivity of Net Interest Income June 30, 2026 December 31, 2025 Down 50 bps Immediate Up 50 bps Immediate Down 200 bps Immediate Up 200 bps Immediate Down 50 bps Immediate Up 50 bps Immediate Down 200 bps Immediate Up 200 bps Immediate Net interest income .49 % — % .79 % .29 % (.02) % (.07) % (1.83) % .80 % The Company also manages interest rate sensitivity by utilizing market value of equity modeling, which measures the degree to which the market values of the Company’s assets and liabilities and off-balance sheet instruments will change given a change in interest rates. Management measures the impact of changes in market values due to interest rates under a number of scenarios, including immediate and sustained parallel shifts, and flattening or steepening of the yield curve. The Company manages its interest rate risk position by holding assets with desired interest rate risk characteristics on its balance sheet, executing certain pricing strategies for loans and deposits and deploying investment portfolio, funding and derivative strategies. Table 9 summarizes the projected impact to net interest income over the next 12 months of various potential interest rate changes. The sensitivity of the projected impact to net interest income over the next 12 months is dependent on balance sheet growth, product mix, customer behavior, deposit pricing and funding decisions. The Company periodically assesses interest rate risk scenarios and behavioral assumptions, such as deposit rotation, pricing sensitivity and mortgage prepayment speeds, based on historical experience and projected through-the-cycle dynamics. From December 31, 2025 to June 30, 2026, changes in net interest income sensitivities reflect updates to the interest rate outlook, both the actual and projected balance sheet, and investment and hedging activities. As of June 30, 2026, the Company maintains a relatively neutral interest rate profile to a parallel 50 basis point shift in interest rates as asset repricing continues to align closely with liability repricing. Under more significant rate shock scenarios, certain assets and liabilities, particularly mortgage assets and deposit products, are expected to exhibit non-linear behavior, resulting in varying impacts to net interest income. In higher rate scenarios, the analysis anticipates deposit disintermediation and a mix shift into higher yielding products, along with reduced mortgage prepayments. Conversely, in lower rate scenarios, the analysis assumes that deposits will shift into lower yielding products, while mortgage paydowns accelerate. While the Company’s interest rate risk models incorporate historical data and expected customer behaviors, actual outcomes may differ significantly due to changes in macroeconomic conditions, competitive dynamics and customer preferences. Use of Derivatives to Manage Interest Rate and Other Risks To manage the sensitivity of earnings and capital to interest rate, prepayment, credit, price and foreign currency fluctuations (asset and liability management positions), the Company enters into derivative transactions. The Company uses derivatives for asset and liability management purposes primarily in the following ways: •To convert fixed-rate debt and available-for-sale investment securities from fixed-rate payments to floating-rate payments; •To convert floating-rate loans and debt from floating-rate payments to fixed-rate payments; •To mitigate changes in value of the Company’s unfunded mortgage loan commitments, funded MLHFS and MSRs; •To mitigate remeasurement volatility of foreign currency denominated balances; and •To mitigate the volatility of the Company’s net investment in foreign operations driven by fluctuations in foreign currency exchange rates. In addition, the Company enters into interest rate, foreign exchange and commodity derivative contracts to support the business requirements of its customers (customer-related positions). The Company minimizes the market, funding and liquidity risks of customer-related positions by either entering into similar offsetting positions with broker-dealers, or on a portfolio basis by entering into other derivative or non-derivative financial instruments that partially or fully offset the exposure from these customer-related positions. The Company may enter into derivative contracts that are either exchange-traded, centrally cleared through clearinghouses or over-the-counter. The Company does not utilize derivatives for speculative purposes. The Company does not designate all of the derivatives that it enters into for risk management purposes as accounting hedges because of the inefficiency of applying the associated accounting requirements and may instead elect fair value accounting for the related hedged items. In particular, the Company enters into interest rate swaps, swaptions, forward commitments to buy to-be-announced securities (“TBAs”), U.S. Treasury and Secured Overnight Financing Rate (“SOFR”) futures and options on U.S. Treasury futures to mitigate fluctuations in the value of its MSRs, but does not designate those derivatives as accounting hedges. Refer to Note 7 of the Notes to Consolidated Financial Statements for additional information regarding MSRs, including management of the changes in fair value. Additionally, the Company uses forward commitments to sell TBAs and other commitments to sell residential mortgage loans at specified prices to economically hedge the interest rate risk in its residential mortgage loan production activities. The forward commitments to sell and the unfunded mortgage loan commitments on loans intended to be sold are considered derivatives under the accounting guidance related to accounting for derivative instruments and hedging activities. The Company has elected the fair value option for the MLHFS. Derivatives are subject to credit risk associated with counterparties to the contracts. Credit risk associated with derivatives is measured by the Company based on the probability of counterparty default. The Company manages the credit risk of its derivative positions by diversifying its positions among various counterparties, by entering into master netting arrangements, and, where possible, by requiring collateral arrangements. The Company may also transfer counterparty U.S. Bancorp 19 credit risk related to interest rate swaps to third parties through the use of risk participation agreements. In addition, certain interest rate swaps, interest rate forwards and credit contracts are required to be centrally cleared through clearinghouses to further mitigate counterparty credit risk. The Company also mitigates the credit risk of its derivative positions, as well as the credit risk on loans or lending portfolios, through the use of credit contracts. For additional information on derivatives and hedging activities, refer to Notes 12 and 13 in the Notes to Consolidated Financial Statements. Market Risk Management In addition to interest rate risk, the Company is exposed to other forms of market risk, principally related to trading activities which support customers’ strategies to manage their own foreign currency, interest rate risk, commodities risk, and funding activities. For purposes of its internal capital adequacy assessment process, the Company considers risk arising from its trading activities, as well as the remeasurement volatility of foreign currency denominated balances included on its Consolidated Balance Sheet (collectively, “Covered Positions”), employing methodologies consistent with the requirements of regulatory rules for market risk. Effective June 1, 2026, upon completion of the acquisition of BTIG, the Company began measuring and monitoring market risk associated with BTIG’s trading activities as part of its ongoing market risk management framework. The Company expects to include BTIG’s trading activities in its Market Risk Rule regulatory capital calculations beginning in the third quarter of 2026. The Company’s Market Risk Committee (“MRC”), within the framework of the ALCO, oversees market risk management. The MRC monitors and reviews the Company’s Covered Positions and establishes policies for market risk management, including exposure limits for each portfolio. The Company uses a VaR approach to measure general market risk. VaR represents the statistical risk of loss the Company has to adverse market movements over a one-day time horizon. The Company uses the Historical Simulation method to calculate VaR for its Covered Positions measured at the ninety-ninth percentile using a one-year look-back period for distributions derived from past market data. The market factors used in the calculations include those pertinent to market risks inherent in the underlying trading portfolios, principally those that affect the Company’s corporate bond trading business, foreign currency transaction business, client derivatives business, loan trading business, commodities business, equities business, and municipal securities business, as well as those inherent in the Company’s foreign denominated balances and the derivatives used to mitigate the related measurement volatility. On average, the Company expects the one-day VaR to be exceeded by actual losses two to three times per year related to these positions. The Company monitors the accuracy of internal VaR models and modeling processes by back-testing model performance, regularly updating the historical data used by the VaR models and regular model validations to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use. If the Company were to experience market losses in excess of the estimated VaR more often than expected, the VaR models and associated assumptions would be analyzed and adjusted. Beginning in the second quarter of 2026, the Company revised its presentation of Covered Position VaR to recognize diversification benefits across risk-type categories, whereas prior period presentations reflected the sum of component VaR amounts. The average, high, low and period-end one-day VaR amounts for the Company’s Covered Positions were as follows: Three Months Ended June 30 (Dollars in Millions) 2026 2025 Period End Average High Low Period End Average High Low Credit $ 1 $ 1 $ 2 $ 1 $ 2 $ 2 $ 3 $ 1 Foreign Exchange 1 — 1 — 1 1 1 1 Interest Rate 1 1 1 — 1 1 1 — Commodity 1 2 4 1 — — — — Diversification Benefit(a) (2) (2) n/a n/a (3) (3) n/a n/a Covered Position VaR 2 2 4 1 1 1 2 1 (a)Diversification benefit represents the difference between the covered position VaR and the sum of the four risk-type categories’ VaRs. By definition, VaR is not additive, and the diversification benefit is the result of the imperfect correlations between risk-type categories. High and low VaR for each component may have occurred on different trading days, and therefore, the diversification benefit is not meaningful. The Company did not experience any backtesting losses for its combined Covered Positions that exceeded VaR during the three months ended June 30, 2026. During the three months ended June 30, 2025, the Company experienced two backtesting exceptions for its combined Covered Positions under the VaR methodology reflected in the table above. The Company stress tests its market risk measurements to provide management with perspectives on market events that may not be captured by its VaR models, including worst case historical market movement combinations that have not necessarily occurred on the same date. The Company calculates Stressed VaR using the same underlying methodology and model as VaR, except that a historical continuous one-year look-back period is utilized that reflects a period of significant financial stress appropriate to the Company’s Covered Positions. The period selected by the Company includes the significant market volatility of the last four months of 2008. In addition to VaR, the Company manages market risk in its trading portfolios using factor sensitivities. Factor sensitivities measure the impact on the value of positions due to changes in individual market risk factors, including interest rates, credit spreads, equity prices, volatility, commodity prices, and foreign exchange rates. Risk factor sensitivities supplement VaR by providing insight into risk exposures by a factor that is not dependent on historical market movements. Valuations of positions in client derivatives and foreign currency activities are based on discounted cash flow or other 20 U.S. Bancorp valuation techniques using market-based assumptions. These valuations are compared to third-party quotes or other market prices to determine if there are significant variances. Significant variances are approved by senior management in the Company’s corporate functions. Valuation of positions in the corporate bond trading, loan trading, asset-backed securities and municipal securities businesses are based on trader estimates. These trader estimates are evaluated against third-party prices, with significant variances approved by senior management in the Company’s corporate functions. The Company also measures the market risk of its hedging activities related to residential MLHFS and MSRs using the Historical Simulation method. The VaRs are measured at the ninety-ninth percentile and employ factors pertinent to the market risks inherent in the valuation of the assets and hedges. A one-year look-back period is used to obtain past market data for the models. The average, high and low VaR amounts for the residential MLHFS and related hedges and the MSRs and related hedges were as follows: Three Months Ended June 30 (Dollars in Millions) 2026 2025 Residential Mortgage Loans Held For Sale and Related Hedges Average $ 1 $ 1 High 1 2 Low — 1 Mortgage Servicing Rights and Related Hedges Average $ 3 $ 2 High 5 5 Low 2 1 Liquidity Risk Management The Company’s liquidity risk management process is designed to identify, measure, and manage the Company’s funding and liquidity risk to meet its daily funding needs and to address expected and unexpected changes in its funding requirements. The Company engages in various activities to manage its liquidity risk. These activities include diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity if needed. In addition, the Company’s profitable operations, sound credit quality and strong credit ratings and capital position have enabled it to develop a large and reliable base of core deposit funding within its market areas and in domestic and global capital markets. The Company’s Board of Directors approves the Company’s liquidity policy and liquidity risk appetite. The Risk Management Committee of the Company’s Board of Directors oversees the Company’s liquidity risk management process and approves the Company’s contingency funding plan. The ALCO reviews the Company’s liquidity policy and limits, and regularly assesses the Company’s ability to meet funding requirements arising from adverse company-specific or market events. The Company regularly projects its funding needs under various stress scenarios and generally has access to diversified sources of funding in both normal and potentially adverse environments. The Company also maintains a contingency funding plan and tests its capabilities to access contingency funding through different channels. The Company’s primary liquidity sources include cash at the Federal Reserve Bank and certain European central banks, unencumbered liquid assets, and capacity to borrow from the FHLB and at the Federal Reserve Bank’s Discount Window. Unencumbered liquid assets in the Company’s investment securities portfolio provide asset liquidity through the Company’s ability to sell the securities or pledge and borrow against them. Refer to Note 4 of the Notes to Consolidated Financial Statements and “Balance Sheet Analysis” for further information on investment securities maturities and trends. Asset liquidity is further enhanced by the Company’s practice of pledging loans to access secured borrowing facilities through the FHLB and Federal Reserve Bank. The following table summarizes the Company’s total available liquidity from cash, available investment securities and secured borrowing capacity: (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 The Company’s diversified deposit base provides a sizeable source of relatively stable and low-cost funding, while reducing the Company’s reliance on the wholesale markets. Total deposits were $532.1 billion at June 30, 2026, compared with $522.2 billion at December 31, 2025. Average total deposits for the second quarter of 2026 and second quarter of 2025 funded approximately 74 percent and 75 percent of the Company’s total assets for these same periods, respectively. Refer to “Balance Sheet Analysis” for further information on the Company’s deposits. Additional funding is provided by long-term debt and short-term borrowings. Long-term debt was $58.7 billion at June 30, 2026, and is an important funding source because of its multi-year borrowing structure. Short-term borrowings were $37.3 billion at June 30, 2026, and supplement the Company’s other funding sources. Refer to “Balance Sheet Analysis” for further information on the Company’s long-term debt and short-term borrowings. In addition to assessing liquidity risk on a consolidated basis, the Company monitors the parent company’s liquidity. The parent company’s routine funding requirements consist primarily of operating expenses, dividends paid to shareholders, debt service, repurchases of common stock and funds used for acquisitions. The parent company obtains funding to meet its obligations from dividends collected from its subsidiaries and the issuance of debt and capital securities. The Company establishes limits for the minimal number of months into the future where the parent company can meet existing and forecasted obligations with cash and securities held that can be readily monetized. The Company measures and manages this limit in both normal and adverse U.S. Bancorp 21 conditions. The Company maintains sufficient funding to meet expected capital and debt service obligations for 24 months without the support of dividends from subsidiaries and assuming access to the wholesale markets is maintained. The Company maintains sufficient liquidity to meet its capital and debt service obligations for 12 months under adverse conditions without the support of dividends from subsidiaries or access to the wholesale markets. The parent company is currently in excess of required liquidity minimums. At June 30, 2026, parent company long-term debt outstanding was $39.7 billion, compared with $37.1 billion at December 31, 2025. The increase was primarily due to $2.8 billion of medium-term note issuances. As of June 30, 2026, there was $1.4 billion of parent company debt scheduled to mature in the remainder of 2026. Future debt maturities may be met through medium-term note and capital security issuances and dividends from subsidiaries, as well as from parent company cash and cash equivalents. The Company is subject to a regulatory Liquidity Coverage Ratio (“LCR”) requirement which requires large banking organizations to maintain an adequate level of unencumbered high quality liquid assets to meet estimated liquidity needs over a 30-day stressed period. For the three months ended June 30, 2026 and December 31, 2025, the Company’s average daily LCR was 107.6 percent and 106.5 percent, respectively. The Company was compliant with this requirement for both of these periods. The Company is also subject to a regulatory Net Stable Funding Ratio requirement which requires large banking organizations to maintain a minimum level of stable funding based on the liquidity characteristics of their assets, commitments, and derivative exposures over a one-year time horizon. The Company was compliant with this requirement at June 30, 2026 and December 31, 2025. Refer to “Management’s Discussion and Analysis — Liquidity Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for further discussion on liquidity risk management. European Exposures The Company provides merchant processing and corporate trust services in Europe either directly or through banking affiliations in Europe. Revenue generated from sources in Europe represented approximately 2 percent of the Company’s total net revenue for the three and six months ended June 30, 2026. Operating cash for these businesses is deposited on a short-term basis typically with certain European central banks. For deposits placed at other European banks, exposure is mitigated by the Company placing deposits at multiple banks and managing the amounts on deposit at any bank based on institution-specific deposit limits. At June 30, 2026, the Company had an aggregate amount on deposit with European banks of approximately $8.4 billion, predominately with the Central Bank of Ireland and Bank of England. In addition, the Company provides financing to domestic multinational corporations that generate revenue from customers in European countries, transacts with various European banks as counterparties to certain derivative-related activities, and through a subsidiary, manages money market funds that hold certain investments in European sovereign debt. Any deterioration in economic conditions in Europe, including the impacts resulting from the Russia-Ukraine conflict, is not expected to have a significant effect on the Company related to these activities. Commitments, Contingent Liabilities and Other Contractual Obligations The Company participates in many different contractual arrangements which may or may not be recorded on its balance sheet, with unrelated or consolidated entities, under which the Company has an obligation to pay certain amounts, provide credit or liquidity enhancements or provide market risk support. These arrangements include commitments to extend credit, letters of credit and various forms of guarantees. Refer to Note 15 of the Notes to Consolidated Financial Statements for further information on commitments, guarantees and contingent liabilities. These arrangements also include any obligation related to a variable interest held in an unconsolidated entity that provides financing, liquidity, credit enhancement or market risk support. Refer to Note 6 of the Notes to Consolidated Financial Statements for further information related to the Company’s interests in variable interest entities (“VIEs”). Capital Management The Company is committed to a balanced capital management approach in order to maintain strong protection for depositors and creditors, provide shareholder benefit and to exceed regulatory capital requirements for banking organizations. To achieve its capital goals, the Company employs a variety of capital management tools, including dividends, common share repurchases, and the issuance of subordinated debt, non-cumulative perpetual preferred stock, common stock and other capital instruments. The regulatory capital requirements effective for the Company follow Basel III, with the Company being subject to calculating its capital adequacy as a percentage of risk-weighted assets under the standardized approach. Table 10 provides a summary of statutory regulatory capital ratios in effect for the Company at June 30, 2026 and December 31, 2025. The Company’s regulatory ratios exceeded regulatory “well-capitalized” requirements as of each date. In March 2026, U.S. federal bank regulatory authorities issued proposals to streamline capital requirements and better align regulatory capital with risk while maintaining the safety and soundness of the banking system. The changes are expected to modernize the regulatory capital framework by enhancing risk sensitivity, reducing burden, and improving consistency across banks. This would result in a single framework being used by all banking organizations to determine compliance with risk-based capital requirements, rather than two calculations used for the largest firms, and better captures credit, market, and operational risks. The proposals’ adoption is expected to be favorable to the Company; however, until the proposals are finalized and an effective date is determined, exact impacts are unknown. The Company believes certain other capital ratios are useful in evaluating its capital utilization and adequacy. Refer to “Non-GAAP Financial Measures” beginning on page 27 for further information on these other capital ratios. 22 U.S. Bancorp 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 U.S. Bancorp shareholders’ equity was $67.4 billion at June 30, 2026, compared with $65.2 billion at December 31, 2025. The increase was primarily the result of corporate earnings, partially offset by dividends paid. The increase in shareholders’ equity during the second quarter of 2026 also included the impact of common shares issued as consideration for the acquisition of BTIG. The Company announced on September 12, 2024 that its Board of Directors authorized a share repurchase program to repurchase up to $5.0 billion of its common stock, effective September 13, 2024. Capital distributions, including dividends and stock repurchases, are subject to the approval of the Company’s Board of Directors and compliance with regulatory requirements. The following table provides a detailed analysis of all shares of common stock of the Company purchased by the Company during the second quarter of 2026: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (In Millions) April 2,375,092 $ 56.60 2,375,092 $ 3,979 May 1,184,814 55.98 1,184,814 3,912 June 114 54.62 114 3,912 Total 3,560,020 $ 56.39 3,560,020 $ 3,912 Refer to “Management’s Discussion and Analysis — Capital Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for further discussion on capital management. Business Segment Financial Review The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Basis for Financial Presentation Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Refer to Note 16 of the Notes to Consolidated Financial Statements for further information on the business segments’ basis for financial presentation. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2026, certain organization and methodology changes were made, including moving the Impact Finance business unit from the Treasury and Corporate Support business segment to the Wealth, Corporate, Commercial and Institutional Banking business segment. In addition, card revenue generated from debit cards, which was previously included in the Payment Services business segment, is now included in the Consumer and Business Banking business segment. Prior period results were recast and presented on a comparable basis. Wealth, Corporate, Commercial and Institutional Banking Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients, and also includes investments in tax-advantaged projects. Wealth, Corporate, Commercial and Institutional Banking contributed $1.5 billion of the Company’s net income in the second quarter and $3.0 billion in the first six months of 2026, or increases of $356 million (30.3 percent) and $588 million (24.5 percent), respectively, compared with the same periods of 2025. Net revenue increased $551 million (17.1 percent) in the second quarter and $903 million (14.2 percent) in the first six months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $213 million (12.4 percent) in the second quarter and $379 million (11.0 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher loan and deposit balances. Noninterest income increased $338 million (22.6 percent) in the second quarter and $524 million (18.0 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher capital markets revenue due to the contribution from the BTIG acquisition and favorable market conditions, and higher trust and investment management fees due to business growth and favorable market conditions. Noninterest expense increased $125 million (8.5 percent) in the second quarter and $145 million (4.9 percent) in the first six months of 2026, compared with the same periods of 2025, U.S. Bancorp 23 primarily due to the results of the BTIG acquisition and higher compensation and employee benefits expense. The provision for credit losses decreased $49 million (27.5 percent) in the second quarter and $26 million (11.8 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to improving credit quality. Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking, debit cards and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners. Consumer and Business Banking contributed $589 million of the Company’s net income in the second quarter and $1.2 billion in the first six months of 2026, or a decrease of $27 million (4.4 percent) and an increase of $5 million (0.4 percent), respectively, compared with the same periods of 2025. Net revenue decreased $3 million (0.1 percent) in the second quarter and increased $21 million (0.5 percent) in the first six months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, decreased $5 million (0.3 percent) in the second quarter and increased $27 million (0.7 percent) in the first six months of 2026, compared with the same periods of 2025. The increase in net interest income in the first six months of 2026, compared with the first six months of 2025, was primarily due to higher deposit balances and favorable deposit mix, partially offset by lower loan balances and yields. Noninterest income increased $2 million (0.4 percent) in the second quarter and decreased $6 million (0.6 percent) in the first six months of 2026, compared with the same periods of 2025. Noninterest expense decreased $7 million (0.5 percent) in the second quarter and $35 million (1.2 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to lower compensation and benefits expense and lower other intangibles expense. The provision for credit losses increased $41 million in the second quarter and $51 million (51.5 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher net charge-offs and the impact of loan sales completed in the prior year. Payment Services Payment Services includes consumer and business credit cards, stored-value cards, corporate, government and purchasing card services and merchant processing. Payment Services contributed $225 million of the Company’s net income in the second quarter and $497 million in the first six months of 2026, or a decrease of $10 million (4.3 percent) and an increase of $3 million (0.6 percent), respectively, compared with the same periods of 2025. Net revenue increased $98 million (5.7 percent) in the second quarter and $163 million (4.8 percent) in the first six months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $44 million (6.0 percent) in the second quarter and $96 million (6.5 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher average loan balances. Noninterest income increased $54 million (5.5 percent) in the second quarter and $67 million (3.5 percent) in the first six months of 2026, compared with the same periods of 2025, driven by higher card revenue, corporate payment and treasury management revenue, and merchant processing services. Noninterest expense increased $111 million (10.9 percent) in the second quarter and $128 million (6.4 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher compensation and employee benefits expense and higher marketing and business development expense, partially offset by lower net shared services expense. The provision for credit losses increased $1 million (0.3 percent) in the second quarter and $31 million (4.4 percent) in the first six months of 2026, compared with the same periods of 2025. The increase in the provision for credit losses in the first six months of 2026 was primarily due to loan growth, partially offset by lower net charge-offs. Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis. Treasury and Corporate Support recorded net losses of $167 million in the second quarter and $519 million in the first six months of 2026, compared with net losses of $210 million and $521 million, respectively, in the same periods of 2025. Net revenue increased $62 million (20.3 percent) in the second quarter and decreased $49 million (11.6 percent) in the first six months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $55 million (25.6 percent) in the second quarter, compared with the second quarter of 2025, due to improved earning asset mix, lower funding costs and benefits from fixed asset repricing, partially offset by lower cash balances. Net interest income, on a taxable-equivalent basis, decreased $26 million (8.4 percent) in the first six months of 2026, compared with the first six months of 2025, primarily due to lower earning assets, partially offset by lower funding costs and benefits from fixed asset repricing. Noninterest income increased $7 million (7.7 percent) in the second quarter of 2026, compared with the second quarter of 2025. Noninterest income decreased $23 million (20.5 percent) in the first six months of 2026, compared with the first six months of 2025, primarily due to losses from repositioning a portion of the investment securities portfolio. Noninterest expense increased $18 million (10.5 percent) in the second quarter and $42 million (9.5 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher technology and communications expense and higher marketing and business development expense, partially offset by lower compensation and employee benefits expense. The provision for credit losses increased $44 million (44.9 percent) in the second quarter and $20 million in the first six months of 2026, compared with the same periods of 2025, primarily due to loan growth. Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support. 24 U.S. Bancorp TABLE 11 Business Segment Financial Performance Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment Services Three Months Ended June 30 (Dollars in Millions) 2026 2025 Percent Change 2026 2025 Percent Change 2026 2025 Percent Change Condensed Income Statement Net interest income (taxable-equivalent basis) $ 1,937 $ 1,724 12.4 % $ 1,836 $ 1,841 (.3) % $ 774 $ 730 6.0 % Noninterest income 1,834 1,496 22.6 537 535 .4 1,038 984 5.5 Total net revenue 3,771 3,220 17.1 2,373 2,376 (.1) 1,812 1,714 5.7 Noninterest expense 1,602 1,477 8.5 1,510 1,517 (.5) 1,127 1,016 10.9 Income (loss) before provision and income taxes 2,169 1,743 24.4 863 859 .5 685 698 (1.9) Provision for credit losses 129 178 (27.5) 78 37 * 385 384 .3 Income (loss) before income taxes 2,040 1,565 30.4 785 822 (4.5) 300 314 (4.5) Income taxes and taxable-equivalent adjustment 510 391 30.4 196 206 (4.9) 75 79 (5.1) Net income (loss) 1,530 1,174 30.3 589 616 (4.4) 225 235 (4.3) Net (income) loss attributable to noncontrolling interests — — — — — — — — — Net income (loss) attributable to U.S. Bancorp $ 1,530 $ 1,174 30.3 $ 589 $ 616 (4.4) $ 225 $ 235 (4.3) Average Balance Sheet Loans $ 213,957 $ 185,545 15.3 $ 144,008 $ 149,500 (3.7) $ 45,947 $ 42,224 8.8 Goodwill 5,028 4,826 4.2 4,326 4,326 — 3,479 3,425 1.6 Other intangible assets 645 817 (21.1) 3,910 4,277 (8.6) 241 258 (6.6) Assets 268,412 234,434 14.5 157,112 165,129 (4.9) 51,171 47,840 7.0 Noninterest-bearing deposits 57,877 55,230 4.8 18,632 19,732 (5.6) 2,390 2,439 (2.0) Interest-bearing deposits 227,688 213,621 6.6 206,430 200,548 2.9 93 95 (2.1) Total deposits 285,565 268,851 6.2 225,062 220,280 2.2 2,483 2,534 (2.0) Total U.S. Bancorp shareholders’ equity 25,064 23,700 5.8 12,865 13,563 (5.1) 10,692 10,234 4.5 Treasury and Corporate Support Consolidated Company Three Months Ended June 30 (Dollars in Millions) 2026 2025 Percent Change 2026 2025 Percent Change Condensed Income Statement Net interest income (taxable-equivalent basis) $ (160) $ (215) 25.6 % $ 4,387 $ 4,080 7.5 % Noninterest income (84) (91) 7.7 3,325 2,924 13.7 Total net revenue (244) (306) 20.3 7,712 7,004 10.1 Noninterest expense 189 171 10.5 4,428 4,181 5.9 Income (loss) before provision and income taxes (433) (477) 9.2 3,284 2,823 16.3 Provision for credit losses (54) (98) 44.9 538 501 7.4 Income (loss) before income taxes (379) (379) — 2,746 2,322 18.3 Income taxes and taxable-equivalent adjustment (218) (175) (24.6) 563 501 12.4 Net income (loss) (161) (204) 21.1 2,183 1,821 19.9 Net (income) loss attributable to noncontrolling interests (6) (6) — (6) (6) — Net income (loss) attributable to U.S. Bancorp $ (167) $ (210) 20.5 $ 2,177 $ 1,815 19.9 Average Balance Sheet Loans $ 1,569 $ 1,260 24.5 $ 405,481 $ 378,529 7.1 Goodwill — — — 12,833 12,577 2.0 Other intangible assets 6 8 (25.0) 4,802 5,360 (10.4) Assets 218,015 225,938 (3.5) 694,710 673,341 3.2 Noninterest-bearing deposits 1,712 1,716 (.2) 80,611 79,117 1.9 Interest-bearing deposits 258 9,509 (97.3) 434,469 423,773 2.5 Total deposits 1,970 11,225 (82.4) 515,080 502,890 2.4 Total U.S. Bancorp shareholders’ equity 18,244 13,402 36.1 66,865 60,899 9.8 *Not meaningful U.S. Bancorp 25 Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment Services Six Months Ended June 30 (Dollars in Millions) 2026 2025 Percent Change 2026 2025 Percent Change 2026 2025 Percent Change Condensed Income Statement Net interest income (taxable-equivalent basis) $ 3,811 $ 3,432 11.0 % $ 3,635 $ 3,608 .7 % $ 1,568 $ 1,472 6.5 % Noninterest income 3,442 2,918 18.0 1,052 1,058 (.6) 1,963 1,896 3.5 Total net revenue 7,253 6,350 14.2 4,687 4,666 .5 3,531 3,368 4.8 Noninterest expense 3,079 2,934 4.9 2,992 3,027 (1.2) 2,136 2,008 6.4 Income (loss) before provision and income taxes 4,174 3,416 22.2 1,695 1,639 3.4 1,395 1,360 2.6 Provision for credit losses 194 220 (11.8) 150 99 51.5 732 701 4.4 Income (loss) before income taxes 3,980 3,196 24.5 1,545 1,540 .3 663 659 .6 Income taxes and taxable-equivalent adjustment 995 799 24.5 386 386 — 166 165 .6 Net income (loss) 2,985 2,397 24.5 1,159 1,154 .4 497 494 .6 Net (income) loss attributable to noncontrolling interests — — — — — — — — — Net income (loss) attributable to U.S. Bancorp $ 2,985 $ 2,397 24.5 $ 1,159 $ 1,154 .4 $ 497 $ 494 .6 Average Balance Sheet Loans $ 208,980 $ 183,872 13.7 $ 144,100 $ 151,702 (5.0) $ 44,980 $ 41,917 7.3 Goodwill 4,928 4,825 2.1 4,326 4,326 — 3,480 3,409 2.1 Other intangible assets 663 840 (21.1) 3,912 4,322 (9.5) 240 254 (5.5) Assets 262,350 232,532 12.8 157,044 165,877 (5.3) 50,096 47,338 5.8 Noninterest-bearing deposits 57,837 55,581 4.1 18,507 19,502 (5.1) 2,407 2,527 (4.7) Interest-bearing deposits 228,924 216,457 5.8 205,082 199,628 2.7 93 95 (2.1) Total deposits 286,761 272,038 5.4 223,589 219,130 2.0 2,500 2,622 (4.7) Total U.S. Bancorp shareholders’ equity 24,636 23,604 4.4 12,986 13,637 (4.8) 10,644 10,232 4.0 Treasury and Corporate Support Consolidated Company Six Months Ended June 30 (Dollars in Millions) 2026 2025 Percent Change 2026 2025 Percent Change Condensed Income Statement Net interest income (taxable-equivalent basis) $ (336) $ (310) (8.4) % $ 8,678 $ 8,202 5.8 % Noninterest income (135) (112) (20.5) 6,322 5,760 9.8 Total net revenue (471) (422) (11.6) 15,000 13,962 7.4 Noninterest expense 486 444 9.5 8,693 8,413 3.3 Income (loss) before provision and income taxes (957) (866) (10.5) 6,307 5,549 13.7 Provision for credit losses 38 18 * 1,114 1,038 7.3 Income (loss) before income taxes (995) (884) (12.6) 5,193 4,511 15.1 Income taxes and taxable-equivalent adjustment (487) (376) (29.5) 1,060 974 8.8 Net income (loss) (508) (508) — 4,133 3,537 16.9 Net (income) loss attributable to noncontrolling interests (11) (13) 15.4 (11) (13) 15.4 Net income (loss) attributable to U.S. Bancorp $ (519) $ (521) .4 $ 4,122 $ 3,524 17.0 Average Balance Sheet Loans $ 1,493 $ 1,286 16.1 $ 399,553 $ 378,777 5.5 Goodwill — — — 12,734 12,560 1.4 Other intangible assets 6 8 (25.0) 4,821 5,424 (11.1) Assets 222,024 225,631 (1.6) 691,514 671,378 3.0 Noninterest-bearing deposits 1,869 1,795 4.1 80,620 79,405 1.5 Interest-bearing deposits 381 9,117 (95.8) 434,480 425,297 2.2 Total deposits 2,250 10,912 (79.4) 515,100 504,702 2.1 Total U.S. Bancorp shareholders’ equity 18,098 12,785 41.6 66,364 60,258 10.1 *Not meaningful 26 U.S. Bancorp Non-GAAP Financial Measures In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including: •Tangible common equity to tangible assets, •Tangible common equity to risk-weighted assets, •Tangible book value per common share, and •Return on tangible common equity. These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”) or in banking regulations. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy. The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio and net interest margin. There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this report in their entirety, and not to rely on any single financial measure. The following tables show the Company’s calculation of these non-GAAP financial measures: (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 (a)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. U.S. Bancorp 27 Three Months Ended June 30 Six Months Ended June 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 % (a)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. Three Months Ended June 30 Six Months Ended June 30 (Dollars in Millions) 2026 2025 2026 2025 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 % (a)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. (Dollars in Millions, Except Per Share Data) June 30, 2026 June 30, 2025 Common equity $ 60,624 $ 54,630 Goodwill (net of deferred tax liability)(a) (12,193) (11,613) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,624) (1,699) Tangible common equity(1) 46,807 41,318 Common shares outstanding(2) 1,558 1,558 Tangible book value per common share(1)/(2) $ 30.04 $ 26.52 (a)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 28 U.S. Bancorp Critical Accounting Policies The accounting and reporting policies of the Company comply with accounting principles generally accepted in the United States and conform to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. The Company’s financial position and results of operations can be affected by these estimates and assumptions, which are integral to understanding the Company’s financial statements. Critical accounting policies are those policies management believes are the most important to the portrayal of the Company’s financial condition and results, and require management to make estimates that are difficult, subjective or complex. Most accounting policies are not considered by management to be critical accounting policies. Management has discussed the development and the selection of critical accounting policies with the Company’s Audit Committee. Those policies considered to be critical accounting policies relate to the allowance for credit losses, fair value estimates, MSRs, and income taxes. These accounting policies are discussed in detail in “Management’s Discussion and Analysis — Critical Accounting Policies” and the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.