美国合众银行 2025年度报告

Form 10-K or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable)Commission file number1-6880 Title of each classTradingsymbolsName of each exchange onwhich registeredCommon Stock, $.01 par value per shareUSBNew York Stock ExchangeDepositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative PerpetualPreferred Stock, par value $1.00)USB PrANew York Stock ExchangeDepositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative PerpetualPreferred Stock, par value $1.00)USB PrHNew York Stock ExchangeDepositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative PerpetualPreferred Stock, par value $1.00)USB PrPNew York Stock ExchangeDepositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative PerpetualPreferred Stock, par value $1.00)USB PrQNew York Stock ExchangeDepositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative PerpetualPreferred Stock, par value $1.00)USB PrRNew York Stock ExchangeDepositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative PerpetualPreferred Stock, par value $1.00)USB PrSNew York Stock ExchangeFloating Rate Notes, Series CC (Senior), due May 21, 2028USB/28New York Stock Exchange4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032USB/32New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☑No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☑ As of June 30, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $70.5 billion based on theclosing sale price as reported on the New York Stock Exchange. Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. DOCUMENTS INCORPORATED BY REFERENCE Document Parts Into Which Incorporated 1.Portions of the Annual Report to Shareholders for the Fiscal Year Ended December31, 2025 (the “2025 AnnualReport”)Parts I and II2.Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 21, 2026 (the “ProxyStatement”)Part III PART I Item 1. Business 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, includingstatements about beliefs and expectations, are forward-looking statements and are based on the i