U.S. Bancorp 2Q21 Earnings Conference Call July 15, 2021 Exhibit 99.2

Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about U.S. Bancorp. 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, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. The COVID-19 pandemic is adversely affecting U.S. Bancorp, its customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets 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. In addition, changes to statutes, regulations, or regulatory policies or practices could affect U.S. Bancorp in substantial and unpredictable ways. U.S. Bancorp’s results could also be adversely affected by changes in interest rates; further increases in unemployment rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of its investment securities; legal and regulatory developments; litigation; increased competition from both banks and non-banks; civil unrest; changes in customer behavior and preferences; breaches in data security, including as a result of work-from-home arrangements; failures to safeguard personal information; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk. For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2020, on file with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Corporate Risk Profile” contained in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

2Q21 Highlights * Taxable-equivalent basis; see slide 26 for calculation ** Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology was 9.5% as of 6/30/21. *** Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased

Performance Ratios Efficiency Ratio* & Net Interest Margin** Return on Average Common Equity Return on Tangible Common Equity* Return on Average Assets * Non-GAAP; see slides 26 and 27 for calculations ** Net interest margin on a taxable-equivalent basis

Digital Engagement Trends Three months ended * Represents core Consumer Banking customers active in at least one channel in the previous 90 days ** This chart reflects digital sales definitions aligned to Finalta Total Digital includes both online and mobile platforms

Average Loans 0.1% linked quarter -7.5% year-over-year On a linked quarter basis, average total loans were higher primarily driven by higher total commercial loans and higher other retail loans driven by growth in installment loans, partially offset by lower residential mortgages as a result of customer paydowns. On a year-over-year basis, average total loans were lower primarily driven by a decline in total commercial loans, lower home equity and second mortgages, and lower commercial real estate loans as a result of paydowns, partially offset by growth in other retail loans driven by growth in installment loans. $ in billions

Average Deposits +0.7% linked quarter +6.4% year-over-year Interest-bearing Deposits Average noninterest-bearing (NIB) deposits increased on both a linked quarter and year-over-year basis. On a linked quarter basis, the increase was driven by Corporate and Commercial Banking, Wealth Management and Investment Services, and Consumer and Business Banking, while increases across all business lines drove year-over-year growth. Average time deposits, which are managed based on funding needs, relative pricing and liquidity characteristics, were lower on both a linked quarter and year-over-year basis. The growth in average NIB deposits and total average savings deposits year-over-year was primarily a result of the actions by the federal government to increase liquidity in the financial system and government stimulus programs. $ in billions

Credit Quality NCO Ratio -6 bps QoQ -30 bps YoY NPAs -11.9% QoQ -9.7% YoY $ in millions, except allowance for credit losses in billions Allowance for Credit Losses by Loan Class, 2Q21   Amount ($B) Loans and Leases Outstanding (%) Commercial $1.8 1.8% Commercial Real Estate $1.4 3.6% Residential Mortgage $0.5 0.7% Credit Card $1.9 8.7% Other Retail $1.0 1.7% Total $6.6 2.2%

Earnings Summary

Net Interest Income Linked Quarter Net interest income increased, primarily driven by higher yields and volumes in the investment portfolio, favorable earning asset mix, higher loan fees, one more day in the quarter, and favorable deposit and funding mix, partially offset by lower loan yields. The net interest margin increased, reflecting changes in the investment portfolio mix, favorable funding and deposit mix, and higher loan fees, partially offset by lower loan yields. Year-over-Year Net interest income decreased, primarily driven by the impact of lower rates compared with a year ago and lower loan volumes, partially offset by the benefit of deposit and funding mix as well as higher loan fees. The net interest margin decreased, primarily due to the mix of earning assets and higher premium amortization within the investment portfolio, partially offset by the net benefit of funding composition and higher loan fees. 2.4% linked quarter -1.9% year-over-year $ in millions Net interest income on a taxable-equivalent basis; see slide 26 for calculation

Noninterest Income 10.0% linked quarter 0.2% year-over-year Linked Quarter Mortgage banking revenue increased, due to the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities, partially offset by lower production volume and related gain on sale margins. Payment services revenue increased, primarily driven by higher sales volume as the global economy continues to recover from the impacts of the COVID-19 pandemic. Year-over-Year Payment services revenue increased, due to strong growth in credit and debit card revenue driven by higher net interchange revenue related to sales volume and prepaid card processing activities related to government stimulus programs as well as stronger transaction and cash advance fees, higher corporate payment products revenue reflecting improving business spending, and higher merchant processing services revenue driven by higher sales volume. Deposit service charges increased, primarily due to customer activity and ATM processing revenue. Other noninterest income increased, primarily due to higher retail leasing end of term residual gains and related fees and higher tax-advantaged investment syndication revenue. $ in millions Payments = credit and debit card, corporate payment products and merchant processing Service charges = deposit service charges and treasury management All other = commercial products, investment products fees, securities gains (losses) and other

Payment Services Payment Fees as a % of Net Revenue 2019 2Q21 Merchant Acquiring Retail Payment Solutions Corporate Payment Solutions All Other Revenue Total payments revenue, which includes net interest income and fee revenue, accounted for 27% of FY19 net revenue and 26% of 2Q21 net revenue Merchant Acquiring Travel & Hospitality* 22% 20% Airline 15% 8% All Other 63% 72% CPS Travel & Entertainment 18% 7% All Other 82% 93% RPS** Travel*** (Credit & Debit) 7% 4% All Other 93% 96% % of Merchant Acquiring Volume 2019 2Q21 % of CPS Volume 2019 2Q21 % of RPS Volume 2019 2Q21 * Travel & Hospitality includes hotels, restaurants, entertainment and travel ** RPS includes credit, debit, and prepaid *** Travel includes airlines, auto rental, hotel/motel, other transportation, and travel agencies **** Monthly data ranging from January 2020 – June 2021 Merchant Sales Volume Growth**** 0% CPS Sales Volume Growth**** 0% RPS** Sales Volume Growth**** 0% Travel & Hospitality* All Other Total Airline Travel & Entertainment Total All Other Travel*** (Credit & Debit) All Other Total Volume Growth vs. 2019 Comparable Period Volumes in each of our payments businesses continue to rebound due to a strengthening economy and increasing spend activity. In 2Q21, prepaid card related fee revenue was 17% of total credit and debit card fee revenue (compared to 11% in FY' 19).

Noninterest Expense +0.2% linked quarter +2.1% year-over-year Linked Quarter Compensation decreased, due to the impact of seasonally higher stock-based compensation in the first quarter partially offset by the impact of seasonal merit increases, one additional day in the second quarter, performance-based incentives, and higher variable compensation. Employee benefits expense decreased, driven by higher payroll taxes in the first quarter. Marketing and business development expense increased, primarily due to the timing of marketing campaigns supporting business development. Year-over-Year Compensation expense increased, due to performance-based incentives, merit, and revenue-related compensation driven by business production. Technology and communications expense increased, primarily due to higher call center volume related to prepaid cards and capital expenditures supporting business technology investments. Other noninterest expense decreased, primarily due to higher COVID-19 related accruals in the second quarter of 2020 including recognizing liabilities related to future delivery exposures for merchant and airline processing as well as lower costs related to tax-advantaged projects and lower FDIC insurance expense in the current year quarter. $ in millions PPS = postage, printing and supplies

Capital Position * Ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology ** Non-GAAP; see slide 28 for calculations

Appendix

Average Loans vs. 2Q20 Average total loans decreased by $23.8 billion, or 7.5% Average residential mortgage loans increased by $2.2 billion, or 3.1% Average commercial loans decreased by $25.1 billion, or 19.6% Average commercial real estate loans decreased by $2.5 billion, or 6.1% vs. 1Q21 Average total loans increased by $0.3 billion, or 0.1% Average commercial loans increased by $0.9 billion, or 0.9% Average residential mortgage loans decreased by $1.9 billion, or 2.5% Average other retail loans increased by $1.5 billion, or 2.7% Key Points Year-over-Year Growth 10.0% 6.4% 2.5% (1.2%) (7.5%) Commercial CRE Res Mtg Retail Credit Card Average Loans ($bn)

Year-over-Year Growth 16.8% 15.9% 18.5% 17.5% 6.4% Time Money Market Checking and Savings Noninterest-bearing Average Deposits Key Points Average Deposits ($bn) vs. 2Q20 Average total deposits increased by $25.9 billion, or 6.4% Average low-cost deposits (NIB, interest checking, savings and money market) increased by $44.6 billion, or 12.4% vs. 1Q21 Average total deposits increased by $2.8 billion, or 0.7% Average low-cost deposits (NIB, interest checking, savings and money market) increased by $5.0 billion, or 1.3%

Credit Quality – Commercial Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q20 1Q21 2Q21 Average Loans$128,039 $102,091 $102,974 30-89 Delinquencies0.33% 0.19% 0.17% 90+ Delinquencies0.07% 0.06% 0.04% Nonperforming Loans0.38% 0.33% 0.28% Linked Quarter Growth 20.8% (9.8%) (7.9%) (4.1%) 0.9% Average loans increased by 0.9% on a linked quarter basis Net charge-offs and delinquencies continue to show improvement given economic recovery

A&D Const $183 Multi-family $3,737 Retail $223 Residential Construction $2,178 Office $1,057 Other $2,926 Residential Land $539 $mm2Q20 1Q21 2Q21 Average Loans$41,088 $38,786 $38,564 30-89 Delinquencies0.25% 0.31%0.08% 90+ Delinquencies- %0.01%0.01% Nonperforming Loans0.47% 0.93% 0.80% Credit Quality – Commercial Real Estate Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points Linked Quarter Growth 2.5% (0.4%) (2.0%) (3.3%) (0.6%) Average loans decreased by 0.6% on a linked quarter basis Net charge-offs increased due to lower recoveries linked quarter

Credit Quality – Residential Mortgage Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q201Q212Q21 Average Loans$71,122 $75,201 $73,351 30-89 Delinquencies0.34%0.28%0.24% 90+ Delinquencies0.16% 0.19% 0.16% Nonperforming Loans0.34%0.34%0.33% Linked Quarter Growth 0.3% 6.6% 1.3% (2.1%) (2.5%) Originations continued to be high credit quality (weighted average FICO of 774, weighted average LTV of 70%) Customers in payment relief have continued to decline * Represents residential mortgage loan balances in forbearance; excludes GNMA loans, whose repayments are insured by the FHA or guaranteed by the Department of VA ($3.5 billion or 32.6% of loans in 2Q21)

Credit Quality – Credit Card Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q201Q212Q21 Average Loans$21,510 $21,144$21,116 30-89 Delinquencies1.08% 0.90%0.72% 90+ Delinquencies1.22%0.95%0.70% Nonperforming Loans- %- %- % Linked Quarter Growth (9.8%) 2.5% (0.5%) (3.6%) (0.1%) Year over year decrease in average loans was driven by lower consumer spending and reduced marketing during the pandemic Credit quality of new originations remains strong Net charge-off rate remained relatively flat linked quarter

Credit Quality – Home Equity Average Loans ($mm) and Net Charge-offs Ratio Key Points Linked Quarter Growth (3.0%) (5.8%) (5.4%) (5.9%) (5.8%) Key Statistics Key Statistics $mm2Q201Q212Q21 Average Loans$14,386 $12,062 $11,368 30-89 Delinquencies0.46%0.37%0.33% 90+ Delinquencies0.37%0.36%0.36% Nonperforming Loans0.79%1.09%1.16% Loans: 8% Wtd Avg LTV*: 74% Wtd Avg FICO*: 755 Lines: 92% Wtd Avg LTV*: 69% Wtd Avg FICO*: 760 *LTV and FICO at origination High-quality originations (weighted average FICO on commitments of 801, weighted average CLTV of 66%) driven primarily through the retail branch network to existing bank customers on their primary residences Net charge-offs continue to remain at low levels Nonperforming loans continue to increase due to foreclosure moratorium

Credit Quality – Retail Leasing Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q201Q212Q21 Average Loans$8,412 $7,975 $7,873 30-89 Delinquencies0.51%0.34%0.31% 90+ Delinquencies0.06%0.01%0.03% Nonperforming Loans0.23%0.18%0.17% Linked Quarter Growth (0.7%) 0.3% (1.6%) (3.9%) (1.3%) Continued high-quality originations during 2Q21 (weighted average FICO of 782) Delinquencies remained at low levels and were favorably impacted by strong borrower liquidity in 2Q21 Charge-offs were lower driven by the favorable impact of higher vehicle values on both residual and credit losses * Manheim Used Vehicle Value Index source: www.manheimconsulting.com, January 1995 = 100, quarter value = average monthly ending values

Credit Quality – Other Retail Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q201Q212Q21 Average Loans$33,550 $36,730 $39,038 30-89 Delinquencies0.43%0.40%0.35% 90+ Delinquencies0.10%0.07%0.05% Nonperforming Loans0.14%0.08%0.07% Linked Quarter Growth - % 3.6% 3.3% 2.2% 6.3% Average loans increased linked quarter due to strong volume in auto and recreational finance loans Delinquency and charge-offs remained low driven by strong borrower liquidity and generally lower consumer debt levels coming out of the pandemic

Credit Quality – Auto Loans Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q201Q212Q21 Average Loans$18,758 $19,881 $21,198 30-89 Delinquencies0.56%0.55%0.47% 90+ Delinquencies0.07%0.06%0.04% Nonperforming Loans0.21%0.11%0.09% Direct: 3% Wtd Avg FICO: 763 NCO: (0.15%) Indirect: 97% Wtd Avg FICO: 785 NCO: (0.01%) Linked Quarter Growth (2.7%) 0.3% 3.0% 2.5% 6.6% High quality originations reflect focus on prime credits (weighted average FICO of 790) Delinquency and charge-offs remained low driven by strong borrower liquidity and continuing high used car values Auto loans are included in Other Retail category

Non-GAAP Financial Measures (4) – see slide 29 for corresponding notes

Non-GAAP Financial Measures (1) – see slide 29 for corresponding notes

Non-GAAP Financial Measures * Preliminary data. Subject to change prior to filings with applicable regulatory agencies. (1), (2), (3) – see slide 29 for corresponding notes

Notes Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes. Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology. Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

U.S. Bancorp 2Q21 Earnings Conference Call July 15, 2021