Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 144

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Chunk 144
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     |      |         |
| Total leverage exposure                                         |     |                                 |     7.0 |               |   |     6.8 |              |     |       |         |                                |         |      |   |         |      |     |      |         |
| Tangible common equity to tangible assets(b)                    |     |                                 |     6.4 |               |   |     5.8 |              |     |       |         |                                |         |      |   |         |      |     |      |         |
| Tangible common equity to risk-weighted assets(b)               |     |                                 |     9.3 |               |   |     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 $2.0 billion for the third quarter of 2025, or $1.22 per diluted common share, compared with $1.7 billion, or $1.03 per diluted common share, for the third quarter of 2024. Return on average assets and return on average common equity were 1.17 percent and 13.5 percent, respectively, for the third quarter of 2025, compared with 1.03 percent and 12.4 percent, respectively, for the third quarter of 2024.

Total net revenue for the third quarter of 2025 was $465 million (6.8 percent) higher than the third quarter of 2024, reflecting a 2.1 percent increase in net interest income (2.0 percent on a taxable-equivalent basis) and a 14.1 percent increase in noninterest