Earnings Per Share

9 Months Ended

Sep. 30, 2025


NOTE 9			Earnings Per Share

The components of earnings per share were:


	Three Months Ended September 30				Nine Months Ended September 30
(Dollars and Shares in Millions, Except Per Share Data)	2025		2024		2025		2024
Net income attributable to U.S. Bancorp	$	2,001	$	1,714	$	5,525	$	4,636
Preferred dividends	(97)		(103)		(262)		(280)
Earnings allocated to participating stock awards	(11)		(10)		(34)		(28)
Net income applicable to U.S. Bancorp common shareholders	$	1,893	$	1,601	$	5,229	$	4,328
Average common shares outstanding	1,557		1,561		1,558		1,560
Net effect of the exercise and assumed purchase of stock awards	—		—		1		1
Average diluted common shares outstanding	1,557		1,561		1,559		1,561
Earnings per common share	$	1.22	$	1.03	$	3.36	$	2.77
Diluted earnings per common share	$	1.22	$	1.03	$	3.35	$	2.77

Options outstanding at September 30, 2025 to purchase 1 million common shares for the three and nine months ended September 30, 2025, and outstanding at September 30, 2024 to purchase 1 million common shares for the three and nine months ended September 30, 2024 were not included in the computation of diluted earnings per share because they were antidilutive.

US BANCORP \DE\ 10-Q