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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segment Results | 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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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