Business Segments (Tables)

9 Months Ended

Sep. 30, 2025

Business segment results for the three months ended September 30 were as follows:


	Wealth, Corporate, Commercial and Institutional Banking				Consumer and Business Banking				Payment Services				Treasury and Corporate Support				Consolidated Company
(Dollars in Millions)	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
Condensed Income Statement
Net interest income (taxable-equivalent basis)(a)	$	1,823	$	1,889	$	1,849	$	1,928	$	781	$	727	$	(202)	$	(378)	$	4,251	$	4,166
Noninterest income(b)(c)	1,256		1,145		436		401		1,106		1,073		280		79		3,078		2,698
Total net revenue(d)	3,079		3,034		2,285		2,329		1,887		1,800		78		(299)		7,329		6,864
Compensation and employee benefits	530		531		526		558		227		215		1,278		1,333		2,561		2,637
Other intangibles	46		52		59		67		20		23		—		—		125		142
Net shared services	522		536		705		700		547		527		(1,774)		(1,763)		—		—
Other direct expenses(e)	235		229		314		339		250		225		712		632		1,511		1,425
Total noninterest expense	1,333		1,348		1,604		1,664		1,044		990		216		202		4,197		4,204
Income (loss) before provision and income taxes	1,746		1,686		681		665		843		810		(138)		(501)		3,132		2,660
Provision for credit losses	197		94		61		18		408		404		(95)		41		571		557
Income (loss) before income taxes	1,549		1,592		620		647		435		406		(43)		(542)		2,561		2,103
Income taxes and taxable-equivalent adjustment	387		398		155		162		109		102		(98)		(281)		553		381
Net income (loss)	1,162		1,194		465		485		326		304		55		(261)		2,008		1,722
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—		—		(7)		(8)		(7)		(8)
Net income (loss) attributable to U.S. Bancorp	$	1,162	$	1,194	$	465	$	485	$	326	$	304	$	48	$	(269)	$	2,001	$	1,714

Average Balance Sheet
Loans	$	184,442	$	171,898	$	145,900	$	155,240	$	42,957	$	41,652	$	5,853	$	5,280	$	379,152	$	374,070
Other earning assets	10,734		10,740		2,331		2,738		5		8		225,295		219,624		238,365		233,110
Goodwill	4,826		4,825		4,326		4,326		3,482		3,370		—		—		12,634		12,521
Other intangible assets	772		955		4,223		4,405		260		266		7		9		5,262		5,635
Assets	212,924		200,267		158,749		168,871		48,424		47,195		259,508		248,307		679,605		664,640
Noninterest-bearing deposits	55,329		54,375		19,642		20,673		2,427		2,653		2,492		3,238		79,890		80,939
Interest-bearing deposits	217,748		217,180		202,321		199,327		95		95		11,728		11,216		431,892		427,818
Total deposits	273,077		271,555		221,963		220,000		2,522		2,748		14,220		14,454		511,782		508,757
Total U.S. Bancorp shareholders’ equity	22,130		21,280		13,363		14,244		10,318		9,958		16,832		12,801		62,643		58,283

(a)Total net interest income includes a taxable-equivalent adjustment of $29 million and $31 million for the three months ended September 30, 2025 and 2024, respectively. See Non-GAAP Financial Measures beginning on page 29.

(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $811 million and $796 million for the three months ended September 30, 2025 and 2024, respectively.

(c)Total noninterest income includes revenue generated from certain contracts with customers of $2.5 billion and $2.3 billion for the three months ended September 30, 2025 and 2024, respectively.

(d)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded a total of $200 million and $195 million of revenue for the three months ended September 30, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.

(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.

Business segment results for the nine months ended September 30 were as follows:


	Wealth, Corporate, Commercial and Institutional Banking				Consumer and Business Banking				Payment Services				Treasury and Corporate Support				Consolidated Company
(Dollars in Millions)	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
Condensed Income Statement
Net interest income (taxable-equivalent basis)(a)	$	5,363	$	5,679	$	5,459	$	5,712	$	2,253	$	2,102	$	(622)	$	(1,260)	$	12,453	$	12,233
Noninterest income(b)(c)	3,620		3,387		1,251		1,239		3,257		3,144		710		443		8,838		8,213
Total net revenue(d)	8,983		9,066		6,710		6,951		5,510		5,246		88		(817)		21,291		20,446
Compensation and employee benefits	1,587		1,629		1,579		1,668		659		645		3,973		4,005		7,798		7,947
Other intangibles	138		156		177		201		57		73		—		—		372		430
Net shared services	1,579		1,616		2,050		2,074		1,595		1,559		(5,224)		(5,249)		—		—
Other direct expenses(e)	711		695		928		959		725		679		2,076		2,167		4,440		4,500
Total noninterest expense	4,015		4,096		4,734		4,902		3,036		2,956		825		923		12,610		12,877
Income (loss) before provision and income taxes	4,968		4,970		1,976		2,049		2,474		2,290		(737)		(1,740)		8,681		7,569
Provision for credit losses	390		335		162		102		1,109		1,151		(52)		90		1,609		1,678
Income (loss) before income taxes	4,578		4,635		1,814		1,947		1,365		1,139		(685)		(1,830)		7,072		5,891
Income taxes and taxable-equivalent adjustment	1,145		1,159		454		487		342		285		(414)		(699)		1,527		1,232
Net income (loss)	3,433		3,476		1,360		1,460		1,023		854		(271)		(1,131)		5,545		4,659
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—		—		(20)		(23)		(20)		(23)
Net income (loss) attributable to U.S. Bancorp	$	3,433	$	3,476	$	1,360	$	1,460	$	1,023	$	854	$	(291)	$	(1,154)	$	5,525	$	4,636

Average Balance Sheet
Loans	$	181,266	$	172,285	$	149,731	$	155,037	$	42,267	$	40,766	$	5,639	$	5,190	$	378,903	$	373,278
Other earning assets	11,819		9,693		2,997		2,300		22		92		219,982		218,717		234,820		230,802
Goodwill	4,825		4,825		4,326		4,326		3,433		3,343		—		—		12,584		12,494
Other intangible assets	817		1,007		4,288		4,611		256		282		8		9		5,369		5,909
Assets	211,262		200,950		163,382		168,917		47,700		46,704		251,806		244,792		674,150		661,363
Noninterest-bearing deposits	54,966		56,769		19,465		20,955		2,539		2,716		2,598		2,600		79,568		83,040
Interest-bearing deposits	214,765		214,975		200,658		199,319		95		96		12,001		11,146		427,519		425,536
Total deposits	269,731		271,744		220,123		220,274		2,634		2,812		14,599		13,746		507,087		508,576
Total U.S. Bancorp shareholders’ equity	21,837		21,508		13,540		14,550		10,261		9,955		15,424		10,653		61,062		56,666

(a)Total net interest income includes a taxable-equivalent adjustment of $88 million and $90 million for the nine months ended September 30, 2025 and 2024, respectively. See Non-GAAP Financial Measures beginning on page 29.

(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $2.3 billion for both the nine months ended September 30, 2025 and 2024.

(c)Total noninterest income includes revenue generated from certain contracts with customers of $7.2 billion and $6.8 billion for the nine months ended September 30, 2025 and 2024, respectively.

(d)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded a total of $596 million and $577 million of revenue for the nine months ended September 30, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.

(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.