US Bancorp

Latest Results (30.08.2026):

U.S. Bancorp — Second Quarter 2026: record net revenue of $7,712 million drove net income attributable to U.S. Bancorp of $2,177 million and diluted EPS of $1.35 (up ~22% year-over-year). The quarter featured stronger net interest income, broad-based fee growth (including revenue from the recently completed BTIG acquisition), improved efficiency and positive operating leverage of 400 basis points.

Overall results

For the second quarter of 2026, U.S. Bancorp reported net income attributable of $2,177 million and diluted EPS of $1.35, increases of ~20% and ~22% year-over-year, respectively.

Revenue mix

Total net revenue was a record $7,712 million in 2Q26, with net interest income (taxable-equivalent) of $4,387 million (up 7.5% YoY) and noninterest income of $3,325 million (up 13.7% YoY).

Net interest margin

Net interest margin widened to 2.79% in 2Q26 (up 13 bps YoY and 2 bps linked quarter), supported by loan growth, improved earning-asset mix and fixed-rate asset repricing.

Fee income and BTIG

Fee revenue rose across all categories; capital markets revenue jumped (driven in part by the BTIG acquisition completed June 1, 2026), with total fee revenue of $3,374 million and capital markets revenue of $512 million for the quarter.

Expenses & efficiency

Noninterest expense was $4,428 million (up 5.9% YoY), reflecting BTIG-related costs and higher compensation/technology spend; the efficiency ratio improved to 57.1% in 2Q26.

Profitability

Return on average assets was 1.26% and return on tangible common equity was 18.7% for the second quarter of 2026, reflecting higher revenue and improved operating leverage.

Balance sheet growth

Average total loans were $405.5 billion in 2Q26 (up 7.1% YoY and 3.0% linked quarter); average total deposits were $515.1 billion (up 2.4% YoY, largely stable sequentially).

Credit & asset quality

Provision for credit losses was $538 million in 2Q26 (up vs. 2Q25, down vs. 1Q26); total net charge-offs were $536 million with a net charge-off ratio of 0.53%. Allowance for credit losses was $7,979 million (1.94% of period‑end loans).

Capital position

Basel III standardized CET1 ratio was 10.8% at June 30, 2026; total shareholders’ equity was $67.4 billion. The company continued share repurchases under its $5.0 billion program and declared a common dividend of $0.52 per share for the quarter.

Management view

Management (CEO Gunjan Kedia) described the quarter as strong, citing diversified revenue, improving credit trends, successful integration of BTIG to expand capital markets capabilities, and positive momentum entering the second half of 2026.