Company: USB-PA
Filing Date: 2025-02-06
Form Type: 424B2
Source: 0001193125-25-021747
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Company: US BANCORP \DE\
Filing Date: 2025-02-06
Form: 424B2
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 reference herein. Neither the SEC nor any state securities commission has approved or disapproved of the notes or determined that this pricing supplement, the prospectus supplement or the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. This pricing supplement should be read together with the prospectus supplement and prospectus, which can be accessed on the SEC website via the links below:

|                                      |     | Per Note(1) |         |   |     | Total |               |
|:-------------------------------------|:----|:------------|--------:|:--|:----|:------|--------------:|
| Price to Public                      |     |             | 100.000 | % |     | $     | 1,300,000,000 |
| Agents’ Commission or Discount       |     |             |   0.150 | % |     | $     |     1,950,000 |
| Net Proceeds (Before Expenses) to Us |     |             |  99.850 | % |     | $     | 1,298,050,000 |

| (1) | Plus accrued interest, if any, from February 12, 2025 if settlement occurs after that date. |

We expect to deliver the notes to investors through the book-entry delivery system of The Depository Trust Company and its direct participants on or about February 12, 2025. Joint Book-Running Managers

| U.S. Bancorp Investments, Inc. |     | Morgan Stanley |     | RBC Capital Markets |

Co-Managers

| Blaylock Van, LLC |     | Drexel Hamilton |

PS-3

SUPPLEMENTAL DESCRIPTION OF THE NOTES

General

The terms and conditions
of the notes will consist of the applicable terms and conditions set forth in the “Description of Notes” section in the prospectus supplement dated April 21, 2023, as such terms and conditions are supplemented, amended and/or
superseded by the terms and conditions of the notes set forth in this section “Supplemental Description of the Notes,” together with the terms and conditions of the notes set forth above under “Key Terms of the Notes.” To the extent of inconsistencies or conflicts between the terms and conditions of the notes set forth in this pricing supplement and the terms and conditions set forth in the “Description of Notes” section in the
prospectus supplement that otherwise would be applicable to the notes, such terms and conditions set forth in this pricing supplement shall govern