2025 Annual Report

Dear Shareholders

Nearly one year ago, I had the privilege of stepping into the chief executive officer role at U.S. Bancorp. I am deeply grateful to my predecessor, our executive chairman and former CEO, Andy Cecere, who led us with distinction and an unwavering focus on long-term stewardship. We are fortunate to be a trusted, exceptional banking franchise because of his leadership, and on behalf of all U.S. Bankers, I thank him for his service.

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Dear Shareholders

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Dear Shareholders

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Our strategy

Creating value through growth, capabilities and transformation

Our performance

Elevating capabilities and driving productivity

Photo of mother and daughter using the U.S. Bank mobile app

Our transformation

Embedded payments, focused strategies and expanded distribution

Photo of the U.S. Bank tower in Los Angeles California

Our strengths

Leaning into strengths and building new foundational capabilities

Reorienting the organization for performance

Delivering strong results

2025 was a strong year for productivity and returns. We maintained nearly flat expenses. We improved our return on assets to 1.19% during the fourth quarter and grew our common equity tier 1 (CET1) capital ratio.