Business Description

Forward-Looking Statements The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This report contains forward-looking statements about U.S. Bancorp (“U.S. Bancorp” or the “Company”). Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties: • Deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility; • Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest caps, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities; • Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs; • Changes in interest rates; • Increases in unemployment rates; • Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans; • Changes in commercial real estate occupancy rates; • Increases in Federal Deposit Insurance Corporation (“FDIC”) assessments, including due to bank failures; • Actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions; • Turmoil and volatility in the financial services industry; • Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer; • Impacts of current, pending or future litigation and governmental proceedings; • Increased competitive pressure; • Effects of climate change and related physical and transition risks; • Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; • Breaches in data security; • Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents; • Failures to safeguard personal information; • Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events; • Impacts of supply chain disruptions, rising inflation, slower growth or a recession; • Failure to execute on strategic or operational plans; • Effects of mergers and acquisitions, such as the pending acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC (collectively, “BTIG”), and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected; • Effects of critical accounting policies and judgments; 1 • Effects of changes in or interpretations of tax laws and regulations; • Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk and liquidity risk; and • The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of the 2025 Annual Report.…