U.S. Bancorp Announces 20-Year Senior Medium-Term Callable Notes with 6.00% Fixed Coupon

Fixed Income Terms and Interest Payments

The notes carry a fixed 6.00% annual coupon, payable in arrears on August 5 each year starting August 5, 2027, through maturity on August 5, 2046. Interest accrues on a 30/360 day count basis, a standard convention in fixed income markets. Each $1,000 principal note yields annual interest calculated as $1,000 multiplied by the coupon rate and the applicable day count fraction for each interest period.

Interest periods run consecutively from one payment date to the next, subject to any earlier redemption. The "unadjusted" interest accrual means payment dates are not shifted when they fall on non-business days, providing investors with predictable, regular income payments unless the notes are called before maturity.

Call Feature and Redemption Schedule

These notes include a call option allowing U.S. Bancorp to redeem the entire principal amount on specified dates starting August 5, 2031. Redemption dates occur quarterly on the 5th calendar day of February, May, August, and November through May 5, 2046. This exposes investors to the risk of early redemption during approximately the last 15 years of the 20-year term.

If called, U.S. Bancorp will pay the principal plus accrued and unpaid interest up to the redemption date. Notice of redemption must be delivered to The Depository Trust Company at least five business days before the redemption date. The "following" business day convention applies, meaning if a redemption date falls on a non-business day, the obligation is met on the next business day.

Pricing and Distribution Details

The notes are expected to be issued at par, or 100% of principal, with each note having a $1,000 principal amount. Pricing is anticipated on August 3, 2026, with issuance and settlement on August 5, 2026. The total principal amount to be issued remains undetermined in this preliminary supplement. Final pricing, fees, commissions, and proceeds to U.S. Bancorp will be disclosed upon pricing completion.

U.S. Bancorp Investments, Inc. acts as the distribution agent. Selling commissions may reach up to $40.00 per $1,000 principal amount and could be paid to affiliated or unaffiliated dealers. For sales to eligible institutional investors or fee-based advisory accounts with broker-dealer investment advisers, the price to public may range from $960.00 to $1,000 per $1,000 principal, with broker-dealers potentially waiving commissions.

Regulatory Compliance and FINRA Oversight

Because U.S. Bancorp Investments, Inc., an affiliate, participates in the sales, the offering complies with FINRA Rule 5121 governing affiliated transactions, requiring disclosures and conflict-of-interest procedures. The preliminary pricing supplement was filed under SEC Rule 424(b)(3) pursuant to Registration Statement No. 333-294133, establishing the regulatory framework for this offering.

Notes will be issued in book-entry form through The Depository Trust Company against payment in immediately available funds. The assigned CUSIP is 91159XJA4, facilitating trading and settlement. As a preliminary document, pricing and material terms remain subject to finalization.

Credit Risk and Unsecured Debt Characteristics

It is important to note these notes are not bank deposits or savings accounts and are not insured by the FDIC or any government agency. They represent unsecured senior debt obligations of U.S. Bancorp, without collateral backing, making investors’ claims general unsecured claims subject to the company’s credit risk. Investors should carefully assess this credit exposure before investing.

Potential buyers are urged to review risk factors starting on page S-9 of the prospectus supplement and consider risk disclosures in U.S. Bancorp’s SEC filings, incorporated by reference. The offering involves risks that must be thoroughly evaluated prior to investment.

Documentation and Reference Materials

This preliminary pricing supplement should be read alongside the prospectus supplement and base prospectus dated March 9, 2026, both related to U.S. Bancorp’s Senior Medium-Term Notes, Series EE. Information in the pricing supplement supersedes conflicting details in the prospectus documents. Defined terms not explained here have meanings set forth in the accompanying prospectus.

Investors should rely solely on information contained or incorporated by reference in these documents. Neither U.S. Bancorp nor U.S. Bancorp Investments, Inc. has authorized any other information source. The offering is not made in jurisdictions where prohibited, and business or financial conditions may have changed since the prospectus dates.

Hedging and Affiliate Transactions

The offering price includes estimated hedging costs of U.S. Bancorp’s obligations under the notes through its affiliates. This common practice adds to the offering cost and investors should understand this embedded factor. The involvement of affiliates in hedging and distribution, combined with potential commissions to affiliated dealers, creates interconnected transactions within U.S. Bancorp’s corporate group.

These affiliate relationships comply with FINRA Rule 5121 and are detailed in the "Supplemental Plan of Distribution (Conflicts of Interest)" section. While regulated, these arrangements may create incentive structures differing from traditional third-party distributions.

Investor Profile and Market Outlook

These notes suit investors seeking a fixed 6.00% coupon income who accept the possibility of early redemption by U.S. Bancorp. If interest rates fall below the coupon, the issuer is more likely to call the notes, requiring investors to reinvest at lower rates. If rates rise, the call option is less likely exercised, allowing investors to receive the full coupon until maturity.

The 20-year maturity with call options starting in 2031 positions these notes in the intermediate-to-long duration fixed income market. Final offering size and pricing will be determined following the August 3, 2026 pricing date, reflecting prevailing market conditions.