Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 143

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Chunk 143
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      |         |
| Total leverage exposure                                         |     |                            |     7.0 |          |   |     6.8 |              |     |       |         |                          |         |      |   |         |      |     |      |         |
| Tangible common equity to tangible assets(b)                    |     |                            |     6.1 |          |   |     5.8 |              |     |       |         |                          |         |      |   |         |      |     |      |         |
| Tangible common equity to risk-weighted assets(b)               |     |                            |     9.0 |          |   |     8.5 |              |     |       |         |                          |         |      |   |         |      |     |      |         |

(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.

(b) See Non-GAAP Financial Measures beginning on page 29.

(c) Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period.

(d) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

| U.S. Bancorp |     | 3 |

### Management’s Discussion and Analysis

### Overview
Earnings Summary U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $1.8 billion for the second quarter of 2025, or $1.11 per diluted common share, compared with $1.6 billion, or $0.97 per diluted common share, for the second quarter of 2024. Return on average assets and return on average common equity were 1.08 percent and 12.9 percent, respectively, for the second quarter of 2025, compared with 0.97 percent and 12.4 percent, respectively, for the second quarter of 2024. The results for the second quarter of 2024 included the impact of a $26 million ($19 million net-of-tax) notable item related to an incremental FDIC special assessment charge, which decreased diluted earnings per common share for the second quarter of 2024 by $0.01.

Total net revenue for the second quarter of 202