Truist Financial reports $799M net income

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For the quarterly period ended: June September 30, 2026

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At June September 30, 2026, 1,221,626,188 1,198,488,412 shares of the registrant s common stock, $5 par value, were outstanding.

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Exhibits 4 changes

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The following terms may be used throughout this report, including in the consolidated financial statements and related notes.

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RAC Regional Acceptance Corporation

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Small Business Investment Company

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Small Business Investment Company

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Forward-looking statements 2 changes

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our ability to execute strategic and operational plans, including with respect to accelerating growth, improving profitability, investing in talent and technology, maintaining expense, credit, and risk discipline, and returning capital to shareholders;

our ability to implement strategic and operational plans, including with respect to allocating capital and resources to our highest-value opportunities, becoming the most important financial partner to our clients, and executing with urgency, discipline, and accountability;

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Financial statements 1037 changes

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(Dollars in millions, except per share data, shares in thousands) Jun Sep 30, 2026 Dec 31, 2025

Cash and due from banks $ 4,707 4,230 $ 4,967

Interest-bearing deposits with banks 34,581 41,242 31,410

Securities borrowed or purchased under agreements to resell 4,431 3,903 3,200

Trading assets at fair value 5,288 5,218 5,790

AFS securities at fair value 67,651 61,523 65,042

HTM securities (fair value of $ 38,145 38,263 and $ 39,130 , respectively)

LHFS (including $ 2,198 1,270 and $ 1,622 at fair value, respectively)

Loans and leases (including $ 10 9 and $ 11 at fair value, respectively)

ALLL ( 4,983 4,063 ) ( 5,030 )

Loans and leases, net of ALLL 324,813 319,867 323,565

Premises and equipment 3,177 3,257 3,172

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Total assets $ 556,023 $ 547,538

Total liabilities 491,928 482,349

CDI and other intangible assets 1,130 1,067 1,256

Loan servicing rights at fair value 4,293 5,066 3,972

Other assets (including $ 1,841 2,351 and $ 1,725 at fair value, respectively)

Total assets $ 554,196 $ 547,538

Noninterest-bearing deposits $ 104,341 103,325 $ 105,092

Interest-bearing deposits (including $ 688 776 and $ 639 at fair value, respectively)

Short-term borrowings (including $ 3,121 2,783 and $ 2,394 at fair value, respectively)

Long-term debt 42,976 53,373 41,963

Other liabilities (including $ 2,228 3,329 and $ 1,797 at fair value, respectively)

Total liabilities 492,724 482,349

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Additional paid-in capital 31,616 30,613 33,663

Retained earnings 27,676 27,728 26,067

AOCI, net of deferred income taxes ( 6,716 8,272 ) ( 5,769 )

Total shareholders equity 64,095 61,472 65,189

Total liabilities and shareholders equity $ 556,023 554,196 $ 547,538

Common shares outstanding 1,221,626 1,198,488 1,262,470

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Interest on securities 871 961 1,720 1,936

Interest on other earning assets 437 536 844 1,056

Total interest income 5,967 6,154 11,822 12,142

Interest on deposits 1,575 1,844 3,100 3,580

Interest on long-term debt 485 431 930 840

Interest on other borrowings 286 292 572 628

Total interest expense 2,346 2,567 4,602 5,048

Net Interest Income 3,621 3,587 7,220 7,094

Provision for credit losses 395 488 874 946

Wealth management income 375 348 745 692

Card and treasury management fees 353 351 691 684

Other deposit revenue 120 108 240 225

Mortgage banking income 116 107 249 215

Securities gains (losses) ( 18 ) ( 19 )

Other income 208 200 310 323

Total noninterest income 1,644 1,400 3,197 2,792

Personnel expense 1,792 1,678 3,519 3,282

Professional fees and outside processing 335 373 648 737

Software expense 239 231 469 461

Net occupancy expense 171 181 350 349

Equipment expense 79 89 164 171

Marketing and customer development 91 82 170 157

Amortization of intangibles 63 73 127 148

Regulatory costs 61 55 129 124

Other expense 224 224 462 463

Total noninterest expense 3,055 2,986 6,038 5,892

(Dollars in millions, except per share data, shares in thousands) Three Months Ended June September 30, Six Nine Months Ended June September 30,

Interest and fees on loans and leases $ 4,659 4,689 $ 4,657 4,816 $ 9,258 13,947 $ 9,150 13,966

Interest on securities 897 941 2,617 2,877

Interest on other earning assets 444 529 1,288 1,585

Total interest income 6,030 6,286 17,852 18,428

Interest on deposits 1,647 1,835 4,747 5,415

Interest on long-term debt 534 523 1,464 1,363

Interest on other borrowings 186 299 758 927

Total interest expense 2,367 2,657 6,969 7,705

Net Interest Income 3,663 3,629 10,883 10,723

Provision (benefit) for credit losses ( 253 ) 436 621 1,382

Net Interest Income After Provision for Credit Losses 3,226 3,099 6,346 6,148 3,916 3,193 10,262 9,341

Wealth management income 407 374 1,152 1,066

Card and treasury management fees 347 340 1,038 1,024

Investment banking and trading income 352 205 724 478 324 323 1,048 801

Other deposit revenue 125 125 365 350

Mortgage banking income 113 118 362 333

Lending related fees 120 99 238 194 103 358 297

Securities gains (losses) ( 1,447 ) ( 1,447 ) ( 19 )

Other income 95 175 405 498

Total noninterest income 84 1,558 3,281 4,350

Personnel expense 1,853 1,748 5,372 5,030

Professional fees and outside processing 365 346 1,013 1,083

Software expense 254 233 723 694

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and 957 more changes in the filing

MD&A 687 changes

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We delivered strong results in the second-quarter of 2026, with earnings per share increasing 37% year over year, driven by disciplined execution against our strategic priorities, higher fee income, strong credit performance, and the return of capital to shareholders.

Truist s results of operations for the second-quarter of 2026 produced an annualized return on average assets of 1.1%, an annualized return on average common shareholders equity of 10.4%, and ROTCE of 15.4% compared to prior year returns of 0.9%, 8.1%, and 12.3%,respectively.

We continued to deepen client relationships, grow in attractive markets, and improve operating efficiency and profitability.

On June 15, 2026, the Company announced a leadership succession plan where, effective September 1, 2026, Michael P. Lyons will become President and CEO of Truist Financial Corporation and Truist Bank and will join the Boards of Directors of Truist Financial Corporation and Truist Bank. William H. Rogers, Jr. will retire as President and CEO effective September 1, 2026 and will serve as Executive Chair of Truist Financial Corporation and Truist Bank and continue to serve on the respective Boards through Truist's 2027 annual meeting of shareholders in order to support an orderly leadership transition.

MD&A includes certain non-GAAP measures, including NII-TE, NIM-TE, Revenue-TE, TBVPS, and ROTCE. For reconciliations of TBVPS and ROTCE to the most directly comparable GAAP measures, see the Non-GAAP Financial Measures section in MD&A. Reconciliations of TE non-GAAP measures to the most directly comparable GAAP measures are included within Table 1: Earnings Highlights, Table 2-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis, and Table 2-2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis. NIM TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value.

On August 31, 2026, Mike Lyons became Truist s President and Chief Executive Officer. We are reallocating resources to focus on our core business and invest in core capabilities (including technology, talent, and products). These efforts are centered on helping us become the most important financial partner to our clients and driving stronger, more sustainable growth and higher returns.

For the third quarter of 2026, we reported net income of $684 million, or $0.56 per diluted share, which reflects the impact of several actions to better position Truist for the future. The actions described below simplify the Company, allow us to focus more on our core businesses, and further strengthen our balance sheet by reducing credit risk, interest rate risk, and wholesale funding.

The actions taken during the third quarter included the completion of the Regional Acceptance Corporation (RAC) loan sale and the subsequent repositioning of a portion of our AFS securities portfolio. The RAC loan sale resulted in a $581 million pre-tax, or $0.36 per share, loan loss reserve recapture and $106 million pre-tax, or $0.06 per share, of impacts included in noninterest income and noninterest expense. The AFS securities repositioning resulted in a $1.4 billion pre-tax, or $0.90 per share, loss.

Underlying results were solid, reflecting client-driven deposit growth, strong asset quality, continued expense discipline, and continued capital return to shareholders.

During the second third quarter of 2026, we returned $1.8 billion of capital to our common shareholders, through $636 including $629 million of in common stock dividends and $1.2 billion in common share repurchases. As of June September 30, 2026, we had $7.7 $6.5 billion remaining remained under our $10.0 billion common share-repurchase authorization.

Additionally, on October 14, 2026, Truist signed an agreement to sell $7.7 billion of loans, representing substantially all assets of LightStream, a national unsecured lending platform. Estimated net proceeds for the transaction are $7.2 billion. The resulting impact to net income is not expected to be material. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Truist Financial Corporation 49

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Six Months Ended June 30, Change

(Dollars in millions) Three Months Ended June September 30, Change

Nine Months Ended September 30, Change

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Net interest income $ 3,621 $ 3,587 $ 34 $ 7,220 $ 7,094 $ 126

Net interest income $ 3,663 $ 3,629 $ 34 $ 10,883 $ 10,723 $ 160

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Noninterest income 1,644 1,400 244 3,197 2,792 405

Total revenue 5,265 4,987 278 10,417 9,886 531

Noninterest income 84 1,558 (1,474) 3,281 4,350 (1,069)

Total revenue 3,747 5,187 (1,440) 14,164 15,073 (909)

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Noninterest expense 3,055 2,986 69 6,038 5,892 146

Noninterest expense 3,105 3,014 91 9,143 8,906 237

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Net income 1,553 1,240 313 3,034 2,501 533

Net income 799 1,452 (653) 3,833 3,953 (120)

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Diluted earnings per common share $ 1.23 $ 0.90 $ 0.33 $ 2.31 $ 1.78 $ 0.53

Return on average common shareholders equity 10.4 8.1 230 bps 9.9 8.1 180 bps

15.4 12.3 310 bps 14.6 12.3 230 bps

2.98 3.02 (4) bps 3.00 3.02 (2) bps

Diluted earnings per common share $ 0.56 $ 1.04 $ (0.48) $ 2.88 $ 2.82 $ 0.06

Return on average assets 1.1 % 0.9 0.6 % 20 bps 1.1 % (50) bps 0.9 % 20 1.0 % (10) bps

Return on average common shareholders equity 4.7 9.0 NM 8.1 8.4 (30) bps

7.2 13.6 NM 12.2 12.8 (60) bps

3.00 3.01 (1) bp 3.00 3.01 (1) bp

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Truist Financial Corporation 49

TE net interest income increased $32 million, or 0.9%, compared to the second quarter of 2025, driven by higher earning assets and loan growth, partially offset by lower loan spreads and fixed-rate debt repricing. NIM - TE was 2.98%, down four basis points compared to the second quarter of 2025.

Noninterest income increased $244 million, or 17%, compared to the second quarter of 2025, driven by increases in investment banking and trading income and wealth management income.

Noninterest expense was up $69 million, or 2.3%, compared to the second quarter of 2025, primarily due to higher personnel expense, partially offset by lower professional fees and outside processing expense.

The provision for credit losses was $395 million compared to $488 million for the second quarter of 2025.

NCOs as a percentage of loans and leases were 50 basis points, down one basis point compared to the second quarter of 2025.

Capital and liquidity:

Truist s preliminary CET1 ratio was 10.9% as of June 30, 2026, up 10 basis points compared to December 31, 2025, primarily due to current quarter earnings and a reduction in risk-weighted assets, partially offset by capital returned to shareholders.

Truist declared common dividends of $0.52 per share during the second quarter of 2026, and repurchased $1.2 billion of common stock. For the second quarter of 2026, the dividend payout ratio was 42%, and the total payout ratio was 121%.

Truist s average consolidated LCR was 113% for the three months ended June 30, 2026, relative to the regulatory minimum of 100%.

Truist s book value per common share at June 30, 2026, was $48.04, compared to $47.74 at December 31, 2025. Truist s TBVPS was $33.40 at June 30, 2026, compared to $33.48 at December 31, 2025.

On May 15, 2026, Truist issued $500 million of Series S non-cumulative perpetual preferred stock with a stated dividend rate of 6.25% per annum for net proceeds of approximately $495 million .

Net income available to common shareholders was $1.5 billion $684 million for the second third quarter of 2026, an increase a decrease of 29% 49% compared to the second third quarter of 2025.

Total revenue - TE was up 5.5% down 28% compared to the second third quarter of 2025.

Net interest income - TE increased $27 million, or 0.7%, compared to the third quarter of 2025, driven by fixed-rate asset and liability repricing, higher client deposit balances, and higher loan balances, partially offset by lower loan spreads and unfavorable deposit mix. NIM - TE was 3.00%, stable compared to the third quarter of 2025.

Noninterest income was impacted by $66 million of losses resulting from the RAC loan sale and $1.4 billion of losses from the AFS securities sale, partially offset by record quarterly income for wealth management.

Noninterest expense increased $91 million compared to the third quarter of 2025, and included $40 million of RAC loan sale costs.

Asset quality improved as a result of the RAC loan sale:

NCOs as a percentage of loans and leases were 77 basis points, which included 39 basis points related to RAC.

The third quarter of 2026 included a benefit from credit losses of $253 million, reflecting the benefit from the release of remaining ACL upon the transfer of RAC loans to LHFS.

The ACL was $5.3 $4.4 billion and included $5.0 $4.1 billion for the ALLL and $333 $370 million for the reserve for unfunded commitments. The ALLL as a percentage of loans and leases HFI was 1.51%, 1.25%, down two 28 basis points compared to December 31, 2025.

Nonperforming loans and leases HFI were 0.51% 0.40% of loans and leases HFI at June September 30, 2026, up three down eight basis points compared to December 31, 2025, primarily due to the RAC loan sale.

Loans 90 days or more past due and still accruing, totaled $698 million at June 30, 2026, stable compared to December 31, 2025. excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing was were 0.04% as a percentage of loans and leases HFI at June September 30, 2026, down one basis point compared to December 31, 2025.

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Capital and liquidity:

Truist s preliminary CET1 ratio was 10.7% as of September 30, 2026, down 10 basis points compared to December 31, 2025, primarily due to capital returned to shareholders and the repositioning of the AFS securities portfolio, partially offset by current year earnings and benefits from the RAC loan sale.

Truist declared common dividends of $0.52 per share during the third quarter of 2026, and repurchased $1.2 billion of common stock.

Truist s average consolidated LCR was 110% for the three months ended September 30, 2026, relative to the regulatory minimum of 100%.

Truist s book value per common share at September 30, 2026, was $46.78, compared to $47.74 at December 31, 2025. Truist s TBVPS was $31.90 at September 30, 2026, compared to $33.48 at December 31, 2025.

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TE net interest income was up $32 million, or 0.9%, driven by higher earning assets and loan growth, partially offset by lower loan spreads and fixed-rate debt repricing. NIM - TE was 2.98%, down four basis points.

TE net interest income for the six months ended June 30, 2026 was up $121 million, or 1.7%, driven by higher earning assets and loan growth, partially offset by lower loan spreads and fixed-rate debt repricing. NIM - TE was 3.0%, down two basis points.

Average earning assets increased $10.8 billion, or 2.3%, primarily due to an increase in average total loans of $19.7 billion, or 6.3%, partially offset by declines in average securities of $5.8 billion, or 4.7%, and other earning assets (primarily cash at the Federal Reserve) of $3.0 billion, or 7.6%.

Average deposits increased $5.5 billion, or 1.4%, average short-term borrowings increased $1.5 billion, or 5.3%, and average long-term debt increased $5.6 billion, or 17%.

Three Months Ended June September 30, 2026 compared to the Three Months Ended June September 30, 2025

Net interest income - TE increased $27 million, or 0.7%, compared to the third quarter of 2025, driven primarily by fixed-rate asset and liability repricing, higher client deposit balances, and higher loan balances, partially offset by lower loan spreads and unfavorable deposit mix. NIM - TE was 3.00%, stable compared to the third quarter of 2025.

Average earning assets increased $5.4 billion, or 1.1%, primarily due to an increase in average total loans of $7.4 billion, or 2.3%.

The yield on the average total loan portfolio was 5.70%, 5.71%, down 29 basis points. The yield on the average securities portfolio was 2.95% for 2026, 3.03%, down 21 13 basis points.

Average deposits increased $14.1 billion, or 3.6%, average short-term borrowings decreased $8.2 billion, or 31%, and average long-term debt increased $3.7 billion, or 8.9%.

The average cost of total deposits was 1.56%, 1.59%, down 29 25 basis points. The average cost of short-term borrowings was 3.97%, 3.96%, down 50 46 basis points. The average cost of long-term debt was 4.77%, 4.73%, down 25 31 basis points.

Six Nine Months Ended June September 30, 2026 compared to the Six Nine Months Ended June September 30, 2025

Net interest income - TE increased $148 million, or 1.4%, for the nine months ended September 30, 2026 compared to 2025, driven by fixed asset repricing and higher earning assets, partially offset by lower loan spreads, fixed-rate debt repricing, and unfavorable deposit mix. NIM - TE of 3.00% was stable compared to the nine months ended September 30, 2025.

Average earning assets increased $11.5 $9.0 billion, or 2.4%, 1.9%, primarily due to an increase in average total loans of $17.9 $15.5 billion, or 5.7%, 4.9%, partially offset by a decline in average securities of $3.7 $4.1 billion, or 3.0%, 3.4%, and average other earning assets (primarily cash at the Federal Reserve) of $2.5 $2.2 billion, or 6.2%. 5.6%.

The yield on the average total loan portfolio was 5.68%, 5.70%, down 33 29 basis points. The yield on the average securities portfolio was 2.96%, 2.97%, down 20 19 basis points.

Average deposits increased $4.4 $8.4 billion, or 1.1%, 2.1%, average short-term borrowings increased $2.7 decreased $1.8 billion, or 10%, 6.4%, and average long-term debt increased $6.4 $4.9 billion, or 19%. 14%.

The average cost of total deposits was 1.56%, 1.57%, down 26 basis points. The average cost of short-term borrowings was 3.87%, 3.89%, down 61 57 basis points. The average cost of long-term debt was 4.79%, 4.77%, down 25 27 basis points.

The major components of Net interest income - TE, and the related annualized yields as well as and the variances between the periods caused by changes in interest rates versus changes in volumes are summarized below.

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Table 2-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis (Dollars in millions) Average Balances (1)

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and 607 more changes in the filing

Controls and procedures 1 change

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There were no changes in the Company s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company s internal control over financial reporting.

Other information 2 changes

(c) During the three months ended June September 30, 2026, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

78 Truist Financial Corporation 79

Exhibits 13 changes

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3.1 Articles of Amendment of the Company with respect to Series S Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock filed May 13, 2026 Incorporated herein by reference to Exhibit 3.1 of the Current Report on Form 8-K, filed May 15, 2026.

10.2 Offer Letter with Michael P. Lyons, dated June 12, 2026 Incorporated herein by reference to Exhibit 10.2 of the Current Report on Form 8-K, filed June 15, 2026.

10.1 Transition Letter with William H. Rogers, Jr., dated June 12, 3.1 Bylaws of Truist Financial Corporation, as Amended and Restated, Effective July 28, 2026. Incorporated herein by reference to Exhibit 10.1 3.1 of the Current Report on Form 8-K, filed June 15, July 29, 2026.

10.1 First Amendment to the Truist Financial Corporation Non-Qualified Defined Contribution Plan (January 1, 2025 Restatement) Filed herewith.

10.2 Form of Participation Agreement under the Truist Financial Corporation Executive Severance Plan for Michael P. Lyons Filed herewith.

10.3 Form of Restricted Stock Unit Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026) Filed herewith.

10.4 Form of Performance Unit Award Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026) Filed herewith.

10.5 Form of LTIP Award Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026) Filed herewith.

10.6 Form of Restricted Stock Unit Agreement (Non-Employee Directors) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026) Filed herewith.

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80 Truist Financial Corporation 79

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Date: July 31, October 28, 2026 By: /s/ Michael B. Maguire

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Date: July 31, October 28, 2026 By: /s/ Cynthia B. Powell

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80 Truist Financial Corporation 81