U.S. Bancorp (USB) Investor presentation summary

Franchise and revenue mix

• Fee income represented ~44% of 3Q26 net revenue; business-line mix excluding Treasury and Corporate Support was 48% Wealth, Corporate, Commercial and Institutional Banking, 29% Consumer and Business Banking, and 23% Payment Services.

• Average balance sheet: $697B assets, $631B earning assets, $527B deposits and $410B loans; served ~14M consumers, ~1.4M businesses and ~495K wealth clients.

• Payment Services generated $4B of YTD fee revenue; trailing 12-month purchase volume was $977B.

Third-quarter performance

• 3Q26 net revenue was $7.97B; EPS was $1.34, up 9.8% YoY, and NII was up 5.6% YoY on a taxable-equivalent basis.

• Fee revenue rose 14.9% YoY to $3.545B, including $226M from BTIG; growth excluding BTIG was 7.6%.

• Non-GAAP efficiency ratio was 55.9%, improving 130 bps YoY; ROA was 1.25%, ROTCE was 18.5%, and NIM was 2.84%, up 5 bps QoQ.

• Positive operating leverage was 240 bps YoY; adjusted EPS growth excluding acquired-loan provision was 16% YoY.

Strategy and medium-term targets

• Medium-term targets for 2026–27: ROA 1.15%–1.35%, ROTCE in the high teens, fee income growth in the mid-single digits and efficiency ratio in the mid-to-high 50s.

• 9M26 results were within or above targets: ROA 1.22%, ROTCE 18.1%, fee income growth 11.8% and efficiency ratio 57.0%.

• BTIG and broader capital-markets capabilities are intended to lift capital markets fee contribution from 8% in 3Q26 to 10%+ in 3–5 years; FICC and BTIG are expected to grow at a high-single-digit annual pace.

• Growth priorities include expanding branch density in existing markets, investing in higher-growth markets, adding small-business bankers, and extending digital reach and partnerships.