Us Bancorp De

NYSE: USB · USD

Us Bancorp De (USB) Economic Moat Analysis—

Competitive advantages, dated evidence and erosion risks.

Uncertain economic moat

U.S. Bancorp demonstrates growing deposits, strong recent equity returns and improving operating efficiency, including growth excluding BTIG. These outcomes establish a productive franchise but do not establish durable switching costs, network effects or a relative funding or operating cost advantage. Pricing outcomes cannot be separated sufficiently from volume, mix and interest-rate effects. Recent capital and earnings evidence is favorable, while AOCI sensitivity and weaker Payment Services results temper resilience. The supplied catalog supports uncertainty about moat existence and width, rather than demonstrated competitive weakness.

Changes since the previous analysis

The uncertain verdict is unchanged; current operating results still do not establish a durable competitive mechanism.
Realized pricing and contractual freedom become null because the current catalog lacks the favorable merchant-rate attribution, card fee terms and repricing rights used previously.
Governance is graded 2 using current committee and recovery-policy disclosures; the earlier Lead Independent Director powers, meeting count and transaction-recusal evidence are absent.
Financial assessments retain support from current filed results, but omit previously cited LCR, modeled rate-shock neutrality, BTIG consideration terms and stock-compensation growth that are absent from this catalog.
Incentive alignment remains supported by actual earned awards and ownership compliance, without retaining the unsupported earlier 60%/40% grant composition.

Evidence limitations

The catalog supplies issuer disclosures, without named competitor comparisons establishing relative funding costs, market share, switching friction or customer outcomes. Amazon is described as a partnership counterparty, not an established competitor.
Aggregate deposits and fee growth provide indirect demand evidence; customer cohorts, renewal rates and relationship-level attrition are absent.
No demonstrated moat is declared. Potential relationship or scale benefits remain unproven; sustained deposit outflows, fee contraction excluding acquisitions or loss of operating leverage would weaken the current franchise-resilience assessment.
Competitive and technology risk disclosures describe possible erosion, not realized customer losses. A stronger moat conclusion would require demonstrated switching friction or a persistent relative cost or pricing advantage.
All financial assessment citations come from sources filed in 2026, within 550 days of October 23, 2026. Filing dates are retained as filing dates; September capital figures are preliminary.
The October 2026 effective stress capital buffer, uninsured-deposit concentration, contingent liquidity capacity and acquisition purchase-price returns are not supplied. The disclosed December 2025 buffer is not assumed unchanged.
Some excerpts split tables across catalog entries. Related dates, units, preliminary labels and definitions are declared together; AOCI-adjusted CET1 and tangible-equity measures remain distinct from regulatory CET1 and common-equity returns.

Financial indicators to test against the thesis

Calculated from annual filings. Missing data remains unavailable. Detailed financial charts remain in the other topics.

Financial indicators to test against the thesis
Period	Gross margin	Operating margin	ROIC	FCF margin
2021	—	—	—	—
2022	—	—	—	—
2023	—	—	—	—
2024	—	—	—	—
2025	—	—	—	—

Pricing power—

Pricing outcomes
Net interest income growth is attributed to loan growth, a purchased card portfolio and fixed-asset repricing. Fee growth excluding BTIG does not separate prices from volume or mix. These passages cannot isolate realized customer pricing sufficiently for an ordinal assessment.
Customer demand
Assessed indirectly: average deposits grew 2.9% year over year, and period-end total deposits were broadly stable versus June. However, period-end noninterest-bearing deposits declined year over year. Aggregate balances demonstrate continuing demand but cannot distinguish retained relationships from new customers or changing balances.
Margin resilience
Third-quarter taxable-equivalent net interest margin increased to 2.84% from 2.75%, while the reconciled efficiency ratio improved to 55.9% from 57.2%. Positive operating leverage excluding BTIG strengthens the operating evidence. Asset repricing and portfolio effects limit attribution to pricing power, and Payment Services earnings weakened.
Pricing freedom
Relative pricing influences selection of time deposits as funding, but this does not establish contractual rights to reset customer fees or loan terms. The catalog lacks relevant repricing clauses, termination rights and customer commitments, preventing an assessment of contractual pricing freedom.

Management69

Capital discipline
Third-quarter common distributions and repurchases of $847 million were below $2.095 billion of common earnings, while preliminary regulatory CET1 remained 10.8%. This demonstrates measured capital deployment during growth. AOCI-adjusted CET1 declined to 9.1%, and BTIG's limited contribution history constrains conclusions about investment returns.
Incentive alignment
Executive ownership and post-vesting retention requirements were actually met by all named executives at December 2025. The 2023 performance awards were earned using absolute and relative ROE over 2023–2025, and equity agreements permit cancellation for harmful conduct. These support alignment without assuming future award vesting.
Execution
Third-quarter attributable earnings rose 10.0%, fee revenue excluding BTIG grew 7.6%, and operating leverage excluding BTIG was 4.4%. These are demonstrated outcomes beyond acquisition contributions. Lower Payment Services earnings and BTIG expenses close to its initial revenue contribution temper conclusions about integration and sustained execution.
Governance
The Board established a Technology Committee effective January 2026, retains broad Risk Management Committee oversight and adopted mandatory compensation recovery provisions. These are substantive disclosed safeguards. Their effectiveness is not demonstrated, and the catalog lacks sufficient current detail on board independence, oversight outcomes and remediation performance for a strong grade.

Sources and methodology

Current publication · Updated 22/10/2026 · Version 12

AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.

Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 29/10/2026

Moat—

Insufficient evidence for every rubric criterion; no category score is inferred.

structural advantage · — · Deposit growth and fee growth excluding BTIG demonstrate franchise activity. They do not establish switching costs, network effects, protected assets or costs below competitors. Improving internal efficiency cannot establish a relative structural advantage without comparative or contractual evidence.

durability · — · Recent returns and operating leverage support current productivity, but the passages do not establish a competitive mechanism capable of sustaining those outcomes over a long horizon. Targets and management characterizations cannot supply the missing evidence of durable barriers.

customer dependency · — · Growing average deposits indicate continuing customer demand, but do not show dependence on U.S. Bancorp or the difficulty of replacing its services. Integration costs, exclusive contractual duration and relationship-level switching behavior are not disclosed.

erosion resilience · 2/4 · Assessed indirectly from 7.6% fee growth excluding BTIG, positive operating leverage excluding BTIG and growing average deposits. These support recent resilience, tempered by lower Payment Services earnings. They do not establish sustained market-share defense; customer behavior and technology remain disclosed potential erosion channels.

Pricing power—

Insufficient evidence for every rubric criterion; no category score is inferred.

realized pricing · — · Net interest income growth is attributed to loan growth, a purchased card portfolio and fixed-asset repricing. Fee growth excluding BTIG does not separate prices from volume or mix. These passages cannot isolate realized customer pricing sufficiently for an ordinal assessment.

retention · 2/4 · Assessed indirectly: average deposits grew 2.9% year over year, and period-end total deposits were broadly stable versus June. However, period-end noninterest-bearing deposits declined year over year. Aggregate balances demonstrate continuing demand but cannot distinguish retained relationships from new customers or changing balances.

margin resilience · 3/4 · Third-quarter taxable-equivalent net interest margin increased to 2.84% from 2.75%, while the reconciled efficiency ratio improved to 55.9% from 57.2%. Positive operating leverage excluding BTIG strengthens the operating evidence. Asset repricing and portfolio effects limit attribution to pricing power, and Payment Services earnings weakened.

contractual freedom · — · Relative pricing influences selection of time deposits as funding, but this does not establish contractual rights to reset customer fees or loan terms. The catalog lacks relevant repricing clauses, termination rights and customer commitments, preventing an assessment of contractual pricing freedom.

Predictability—

At least three consecutive published annual periods with reported revenue and consolidated net income are required for financial-sector predictability.

Financial strength63

Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.

capital adequacy · 3/4 · June standardized CET1 was 10.8%, total capital 14.4% and SLR 7.2%; September preliminary CET1 remained 10.8%. Disclosed minimum CET1 is 4.5%, with a 2.6% stress buffer at December 2025. The October 2026 buffer is absent, and AOCI-adjusted CET1 of 9.1% is a separate sensitivity measure.

liquidity funding · 2/4 · September period-end deposits of $531.705 billion were broadly stable versus June, while short-term borrowings declined from $37.337 billion to $21.044 billion. Average deposits grew year over year, but noninterest-bearing ending deposits fell. Missing liquidity coverage, uninsured concentration and available contingent funding prevent a stronger conclusion.

asset liability risk · 2/4 · September nonperforming assets declined 20.0% year over year, and the consolidated net charge-off ratio improved to 0.51%. These favorable credit outcomes coexist with meaningful rate sensitivity: AOCI-adjusted CET1 declined from 9.4% in June to 9.1%. The catalog does not establish comprehensive protection against larger interest-rate or credit shocks.

earnings resilience · 3/4 · Third-quarter attributable earnings increased to $2.202 billion from $2.001 billion despite higher expenses and credit provisions. Growth excluding BTIG and positive operating leverage support recent earnings resilience. Weaker Payment Services earnings and the limited stress-period evidence prevent extrapolating these results into exceptional cycle durability.

Capital allocation63

Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.

capital efficiency · 3/4 · Return on average common equity was 13.6% in third-quarter 2026 versus 13.5% a year earlier, following 14.0% in the second quarter. These demonstrate strong recent accounting returns on common equity. The separately reported tangible-common-equity return uses a different denominator and is not substituted for common-equity productivity.

distributions and buffers · 3/4 · Third-quarter earnings returned of $847 million, including common dividends and repurchases, were covered by $2.095 billion of common earnings. Preliminary CET1 stayed at 10.8%. This supports balanced distributions and retained capital, while regulatory distribution constraints, AOCI sensitivity and the missing latest stress buffer limit the assessment.

dilution and cost · 2/4 · Period-end common shares were 1.558 billion in September 2026 versus 1.556 billion a year earlier and 1.555 billion at December 2025. Net dilution was modest, while common earnings grew. The supplied evidence does not isolate stock-compensation expense, gross issuance or acquisition financing effects, so shareholder-cost conclusions remain mixed.

investment discipline · 2/4 · BTIG contributed $226 million of third-quarter fee revenue against $213 million of noninterest expense, compared with $98 million and $84 million in the second quarter. Broader fee growth excluding BTIG is favorable, but the short ownership period and absent purchase-price return evidence leave acquisition economics unproven.

Management69

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

capital discipline · 3/4 · Third-quarter common distributions and repurchases of $847 million were below $2.095 billion of common earnings, while preliminary regulatory CET1 remained 10.8%. This demonstrates measured capital deployment during growth. AOCI-adjusted CET1 declined to 9.1%, and BTIG's limited contribution history constrains conclusions about investment returns.

incentive alignment · 3/4 · Executive ownership and post-vesting retention requirements were actually met by all named executives at December 2025. The 2023 performance awards were earned using absolute and relative ROE over 2023–2025, and equity agreements permit cancellation for harmful conduct. These support alignment without assuming future award vesting.

execution · 3/4 · Third-quarter attributable earnings rose 10.0%, fee revenue excluding BTIG grew 7.6%, and operating leverage excluding BTIG was 4.4%. These are demonstrated outcomes beyond acquisition contributions. Lower Payment Services earnings and BTIG expenses close to its initial revenue contribution temper conclusions about integration and sustained execution.

governance · 2/4 · The Board established a Technology Committee effective January 2026, retains broad Risk Management Committee oversight and adopted mandatory compensation recovery provisions. These are substantive disclosed safeguards. Their effectiveness is not demonstrated, and the catalog lacks sufficient current detail on board independence, oversight outcomes and remediation performance for a strong grade.

Evidence

Under the United States Basel III-based capital rules, the Company is subject to a minimum common equity tier 1 (“CET1”) capital ratio (CET1 capital to risk-weighted assets) of 4.5 percent, a minimum tier 1 capital ratio of 6.0 percent and a minimum total capital ratio of 8.0 percent.
2025 Form 10-K, Capital Requirements; filed February 23, 2026 · Filed 23/02/2026

The SCB generally is assigned on an annual basis and becomes effective on October 1 of each year, subject to a 2.5 percent floor, and may vary over time.
2025 Form 10-K, annual stress capital buffer timing · Filed 23/02/2026

As of December 31, 2025, the SCB applicable to the Company is 2.6 percent, a decrease from the SCB of 3.1 percent that applied to the Company at December 31, 2024.
2025 Form 10-K, stress capital buffer applicable December 31, 2025 · Filed 23/02/2026

Banking organizations that fail to meet the effective minimum ratios will be subject to constraints on capital distributions, including dividends and share repurchases, and certain discretionary executive compensation, with the severity of the constraints depending on the extent of the shortfall and “eligible retained income” (defined as the greater of (i) net income for the four preceding quarters, net of distributions and associated tax effects not reflected in net income; and (ii) the average of all net income over the preceding four quarters).
2025 Form 10-K, regulatory constraints on distributions · Filed 23/02/2026

(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
June 2026 Form 10-Q, consolidated regulatory capital table; filed August 6, 2026 · Filed 06/08/2026

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.
June 2026 Form 10-Q, time-deposit funding selection · Filed 06/08/2026

CAPITAL POSITION Preliminary Data ($ in millions) Sep 30 2026 Jun 30 2026 Mar 31 2026 Dec 31 2025 Sep 30 2025 Total U.S.
Third-quarter 2026 earnings release, capital table dates, units and preliminary status · Filed 15/10/2026

Bancorp shareholders' equity $66,425 $67,432 $65,786 $65,193 $63,340 Basel III Standardized Approach Common equity tier 1 capital $55,023 $53,575 $52,648 $51,665 $50,587 Tier 1 capital 62,267 60,802 59,899 58,917 57,839 Total risk-based capital 72,844 71,429 69,163 68,087 66,820 Common equity tier 1 capital ratio 10.8 % 10.8 % 10.8 % 10.8 % 10.9 % Tier 1 capital ratio 12.3 12.2 12.3 12.3 12.4 Total risk-based capital ratio 14.3 14.4 14.2 14.2 14.4 Leverage ratio 9.0 8.9 8.8 8.7 8.6 Common equity to assets 8.5 8.4 8.4 8.4 8.1 Tangible common equity to tangible assets(a) 6.6 6.6 6.7 6.7 6.4 Tangible common equity to risk-weighted assets(a) 9.0 9.4 9.4 9.4 9.3 (a)See Non-GAAP Financial Measures reconciliation on page 16.
Third-quarter 2026 earnings release, consolidated Basel III standardized capital · Filed 15/10/2026

Net interest income increased 5.6 percent on a taxable-equivalent basis, primarily due to loan growth, the impact of the small business credit card portfolio purchase and benefits from fixed asset repricing, while net interest margin increased to 2.84 percent from 2.75 percent.
Third-quarter 2026 earnings release, net interest income and margin drivers · Filed 15/10/2026

•Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;
Third-quarter 2026 earnings release, customer behavior and technology risk · Filed 15/10/2026

2 CONSOLIDATED ENDING BALANCE SHEET (Dollars in Millions) (Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Assets Cash and due from banks $49,523 $66,491 $48,420 $46,890 $66,637 Investment securities Held-to-maturity 72,923 74,085 75,442 76,170 76,931 Available-for-sale 80,228 89,085 93,464 90,838 89,065 Loans held for sale 2,426 3,038 2,928 2,538 2,490 Loans Commercial
Third-quarter 2026 supplement, consolidated ending balance sheet dates and units · Filed 15/10/2026

70,872 63,793 Total assets $702,966 $725,918 $700,998 $692,345 $695,357 Liabilities and Shareholders' Equity Deposits Noninterest-bearing $85,596 $85,791 $85,300 $84,116 $91,550 Interest-bearing 446,109 446,275 442,878 438,100 434,599 Total deposits 531,705 532,066 528,178 522,216 526,149 Short-term borrowings 21,044 37,337 17,859 17,162 15,449 Long-term debt 51,996 58,671 61,361 60,764 62,535 Other liabilities 31,333 29,949 27,353 26,552 27,426 Total liabilities 636,078 658,023 634,751 626,694 631,559 Shareholders' equity Preferred stock 6,808 6,808 6,808 6,808 6,808 Common stock 21 21 21 21 21 Capital surplus 8,839 8,773 8,623 8,728 8,745 Retained earnings 84,503 83,241 81,944 80,906 79,742 Less treasury stock (24,284) (24,300) (24,387) (24,283) (24,228) Accumulated other comprehensive income (loss) (9,462) (7,111) (7,223) (6,987) (7,748) Total U.S.
Third-quarter 2026 supplement, consolidated deposits, borrowing and AOCI balances · Filed 15/10/2026

Bancorp $175 $222 $264 $181 $255 FINANCIAL RATIOS Return on average assets 1.30 % 1.74 % 2.18 % 1.47 % 2.09 % Net interest margin (taxable-equivalent basis) 6.88 6.76 7.32 7.17 7.21 Efficiency ratio 55.7 62.4 59.3 60.1 57.3 17 PAYMENT SERVICES Preliminary data Three Months Ended (Dollars in Millions) (Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 AVERAGE BALANCE SHEET Loans Commercial $7,721 $7,426 $6,541 $6,798 $6,750 Commercial real estate — — — — — Residential mortgages — — — — — Credit card 40,222 38,403 37,341 37,019 36,079 Other retail 115 118 121 126 128 Total loans 48,058 45,947 44,003 43,943 42,957 Other Earning Assets 11 7 5 5 5 Total earning assets 48,069 45,954 44,008 43,948 42,962 Non-earning Assets Goodwill 3,474 3,479 3,481 3,478 3,482 Other intangible assets 333 241 238 252 260 Other non-earning assets 1,455 1,497 1,282 1,244 1,724 Total non-earning assets 5,262 5,217 5,001 4,974 5,466 Total assets 53,331 51,171 49,009 48,922 48,428 Deposits Noninterest-bearing deposits 2,379 2,390 2,425 2,432 2,370 Interest checking — — 1 1 — Savings products 92 92 92 93 94 Time deposits
Third-quarter 2026 supplement, Payment Services earnings, ratios and dated segment context · Filed 15/10/2026

The following are certain key changes to committee structure and oversight that the Board approved since our last annual meeting: ▶ Recognizing the ongoing transformation of the banking industry and the importance of technology, including emerging financial solutions (e.g., digital assets) and technologies such as artificial intelligence, to the company’s strategy, the Board created a new Board-level Technology Committee, effective January 1, 2026.
2026 proxy, Board-approved Technology Committee effective January 1, 2026 · Filed 10/03/2026

▶ The Risk Management Committee continues to provide holistic oversight of all of the key financial, non-financial and emerging risks faced by the company, including technology risk, cybersecurity risk and resiliency.
2026 proxy, Risk Management Committee oversight responsibilities · Filed 10/03/2026

▶ The PRSUs granted in 2023 were earned at 113.4% of the NEOs’ respective target amounts, based on absolute and relative return on equity (ROE) results for the 2023-2025 performance period.
2026 proxy, earned 2023 performance awards for the 2023–2025 period · Filed 10/03/2026

The current ownership and retention requirements are as follows: Retention requirement Executive Officer Minimum ownership level Until minimum level is met After minimum level is met and until retirement CEO 6x base salary 75% of net shares 50% of net shares Other executive officers 3x base salary 75% of net shares 25% of net shares Vested PRSUs, all RSUs, and stock received and held after exercise of stock options are included in determining whether an executive officer satisfies his or her ownership requirements.
2026 proxy, executive stock ownership and retention requirements · Filed 10/03/2026

As of December 31, 2025, all of our NEOs were in compliance with our applicable stock ownership and retention requirements.
2026 proxy, named executive compliance at December 31, 2025 · Filed 10/03/2026

▶ Cancellation of unvested equity awards: The equity award agreements for executive officers provide that outstanding awards can be canceled if the executive’s conduct has subjected the company to significant financial, reputational or other risk through violations of company policies, laws or regulations; negligent or willful misconduct; or activity resulting in a significant or material control deficiency.
2026 proxy, cancellation provisions in executive equity agreements · Filed 10/03/2026

Additional mandatory recovery policy: The Committee has adopted an Incentive-Based Compensation Recovery Policy designed to implement the mandatory incentive-based compensation recovery in compliance with applicable SEC and NYSE rules.
2026 proxy, adopted incentive compensation recovery policy · Filed 10/03/2026

The recovery policy applies to the company’s executive officers and requires recovery of incentive-based compensation erroneously received by executive officers after an accounting restatement as required under those rules.
2026 proxy, mandatory recovery policy scope · Filed 10/03/2026

Bank Appendix 23©2025 U.S. Bank | Confidential Income Statement Detail 1 Taxabl -equivalent basis 2 Non-GAAP; see appendix for calculations % Change $ in millions, except EPS 3Q26 2Q26 3Q25 vs 2Q26 vs 3Q25 Net interest income $4,468 $4,361 $4,222 2.5 % 5.8 % Taxable-equivalent adjustment 22 26 29 (15.4) (24.1) Net interest income (taxable-equivalent basis) 4,490 4,387 4,251 2.3 5.6 Noninterest income 3,480 3,325 3,078 4.7 13.1 Net revenue 7,970 7,712 7,329 3.3 8.7 Noninterest expense 4,493 4,428 4,197 1.5 7.1 Operating income 3,477 3,284 3,132 5.9 11.0 Provision for credit losses 654 538 571 21.6 14.5 Income before taxes 2,823 2,746 2,561 2.8 10.2 Applicable income taxes 615 563 553 9.2 11.2 Net income 2,208 2,183 2,008 1.1 10.0 Noncontrolling interests (6) (6) (7) — 14.3 Net Income to company 2,202 2,177 2,001 1.1 10.0 Preferred dividends/other 107 79 108 35.4 (0.9) Net Income to common $2,095 $2,098 $1,893 (0.1) % 10.7 % Net interest margin1 2.84% 2.79% 2.75% 5 bps 9 bps Efficiency ratio2 55.9% 57.1% 57.2% (120) bps (130) bps Diluted EPS $1.34 $1.35 $1.22 (0.7) % 9.8 %
Third-quarter 2026 presentation, dated consolidated income statement and units; filed October 15, 2026 · Filed 15/10/2026

33©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Total equity $ 66,888 $ 67,895 $ 66,247 $ 65,651 $ 63,798 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (463) (463) (461) (458) (458) Common equity (a) 59,617 60,624 58,978 58,385 56,532 Goodwill (net of deferred tax liability) (1) (12,185) (12,193) (11,588) (11,603) (11,603) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,713) (1,624) (1,429) (1,507) (1,605) Tangible common equity (b) 45,719 46,807 45,961 45,275 43,324 Total assets (c) 702,966 725,918 700,998 692,345 695,357 Goodwill (net of deferred tax liability) (1) (12,185) (12,193) (11,588) (11,603) (11,603) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,713) (1,624) (1,429) (1,507) (1,605) Tangible assets (d) 689,068 712,101 687,981 679,235 682,149 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (e) 508,174 496,488 487,958 480,382 465,092 Common shares outstanding (f) 1,558 1,558 1,555 1,555 1,556 Ratios* Common equity to assets (a)/(c) 8.5% 8.4% 8.4% 8.4% 8.1% Tangible common equity to tangible assets (b)/(d) 6.6 6.6 6.7 6.7 6.4 Tangible common equity to risk-weighted assets (b)/(e) 9.0 9.4 9.4 9.4 9.3 Tangible book value per common share (b)/(f) $ 29.34 $ 30.04 $ 29.56 $ 29.12 $ 27.84 * (1) – see last page in appendix for corresponding notes *Preliminary data.
Third-quarter 2026 presentation, common shares and equity reconciliation, including preliminary status · Filed 15/10/2026

34©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars in Millions, Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 March 31, 2023 Common equity tier 1 capital, determined in accordance with prescribed regulatory capital requirements effective for the company (a) 55,023 53,575 52,648 51,665 50,587 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (2) (8,853) (6,790) (7,049) (6,893) (7,638) (10,153) Common equity tier 1 capital, including AOCI related adjustments (2) (b) 46,170 46,785 45,599 44,772 42,949 31,874 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the company (c) 508,174 496,488 487,958 480,382 465,092 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.8 % 10.8 % 10.8 % 10.9 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (2) (b)/(c) 9.1 9.4 9.3 9.3 9.2 6.5 (2) – see last page in appendix for corresponding notes
Third-quarter 2026 presentation, regulatory and AOCI-adjusted CET1 reconciliation · Filed 15/10/2026

35©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 June 30, 2026 June 30, 2025 September 30, 2025 September 30, 2024 Net interest income $ 4,468 $ 4,222 $ 4,361 $ 4,051 $ 4,222 $ 4,135 Taxable-equivalent adjustment (3) 22 29 26 29 29 31 Net interest income, on a taxable-equivalent adjustment basis 4,490 4,251 4,387 4,080 4,251 4,166 Net interest income, on a taxable-equivalent basis (as calculated above) 4,490 4,251 4,387 4,080 4,251 4,166 Noninterest income 3,480 3,078 3,325 2,924 3,078 2,698 Total net revenue 7,970 7,329 7,712 7,004 7,329 6,864 Less: Securities gains (losses), net (65) (7) (49) (57) (7) (119) Total net revenue, excluding net securities gains (losses) (a) 8,035 7,336 7,761 7,061 7,336 6,983 Percent change (b) 9.5 % 9.9 % 5.1 % Less: BTIG fee revenue 226 — 98 Total net revenue, excluding BTIG fee revenue (c) 7,809 7,336 7,663 Percent change (d) 6.4 % Noninterest expense (e) 4,493 4,197 4,428 4,181 4,197 4,204 Percentage change (f) 7.1 % 5.9 % (0.2) % Less: BTIG noninterest expense 213 — 84 — Total noninterest expense, excluding BTIG noninterest expense (g) 4,280 4,197 4,344 4,181 Percentage change (h) 2.0 % 3.9 % Operating leverage (b) - (f) 2.4 % 4.0 % 5.3 % Operating leverage, excl.
Third-quarter 2026 presentation, operating leverage reconciliation and BTIG revenue and expense · Filed 15/10/2026

BTIG impact (d) - (h) 4.4 % Efficiency ratio (e) / (a) 55.9 % 57.1 % 57.2 % Efficiency ratio, excl.
Third-quarter 2026 presentation, operating leverage excluding BTIG · Filed 15/10/2026

36©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 June 30, 2026 June 30, 2025 December 31, 2024 December 31, 2023 Fee revenue 3,545 3,085 3,374 2,981 2,834 2,618 Less: Notable items (4) — — — — — (118) Total fee revenue, excluding notable items 3,545 3,085 3,374 2,981 2,834 2,736 Percent change 14.9 % 13.2 % 3.6 % Less: BTIG fee revenue 226 — 98 — Total fee revenue, excluding BTIG fee revenue 3,319 3,085 3,276 2,981 Percentage change 7.6 % 9.9 % (4) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 Capital markets revenue 640 378 Less: BTIG fee revenue 223 — Capital markets revenue, excluding BTIG fee revenue 417 378 Percentage change 10 % Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 Total net revenue 7,970 7,329 Less: BTIG fee revenue 226 — Total net revenue, excluding BTIG fee revenue 7,744 7,329 Percentage change 6 %
Third-quarter 2026 presentation, fee revenue growth excluding BTIG · Filed 15/10/2026

4 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares repurchased in connection with stock compensation plans Change vs.
Third-quarter 2026 presentation, definition of earnings returned · Filed 15/10/2026

$ in millions 3Q26 2Q26 3Q25 Nonperforming assets $1,324 (1.6) % (20.0) % NPA ratio 0.32 % (1) bps (11) bps Net charge-off ratio 0.51 % (2) bps (5) bps 90+ day delinquency 0.18 % — bps (4) bps Ending balance Avg balance Average Period Balance change vs.
Third-quarter 2026 presentation, consolidated asset quality outcomes · Filed 15/10/2026

$ in billions 3Q26 3Q26 2Q26 3Q25 Total assets $703.0 $696.6 0.3 % 2.5 % Earning assets 636.6 630.8 0.3 2.1 Total loans 415.2 409.5 1.0 8.0 Total deposits 531.7 526.6 2.2 2.9 Change vs.
Third-quarter 2026 presentation, ending and average balance distinctions and deposit growth · Filed 15/10/2026

3Q26 2Q26 3Q25 CET1 capital ratio2 10.8 % — bps (10) bps Total risk-based capital ratio 14.3 % (10) bps (10) bps Book value per share $38.27 (1.6) % 5.3 % Tangible book value per share3 $29.34 (2.3) % 5.4 % Earnings returned (millions)4 $847 Credit Quality
Third-quarter 2026 presentation, capital ratios and earnings returned · Filed 15/10/2026

10©2025 U.S. Bank | Confidential 9 bps Net Interest Margin 130 bps Efficiency Ratio 1.17% 1.26% 1.25% Return on Average Assets 3Q25 2Q26 3Q26 57.2% 57.1% 55.9% 2.75% 2.79% 2.84% Efficiency Ratio Net Interest Margin 3Q25 2Q26 3Q26 Performance Ratios 13.5% 14.0% 13.6% Return on Average Common Equity 3Q25 2Q26 3Q26 18.6% 18.7% 18.5% Return on Tangible Common Equity 3Q25 2Q26 3Q26 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 N -GAAP; see appendix for calculations 2 Net interest margin on a taxable-equivalent basis; see appendix for calculations 8 bps Year-over-year Continued strength across key metrics 10 bps Year-over-year 10 bps Year-over-year Year-over-year
Third-quarter 2026 presentation, common-equity returns, tangible returns and margin definitions · Filed 15/10/2026

Publication history

Publication history
Version	Updated	Competitive advantage
12	29/10/2026	uncertain
11	28/10/2026	uncertain
10	27/10/2026	uncertain
9	24/10/2026	uncertain
8	23/10/2026	uncertain
7	22/10/2026	uncertain
6	19/10/2026	uncertain
5	19/10/2026	uncertain
4	18/10/2026	uncertain
3	18/10/2026	uncertain

Sources

Research methodology and limitations · What is an economic moat?