U.S. Bancorp beats Q2 estimates as record net revenue, net interest income, and fees improve.
Stock Earnings Results
July 16, 2026
Table of Contents
July 16, 2026
U.S. Bancorp (NYSE: USB) reported second-quarter 2026 results above expectations, supported by record net revenue, higher net interest income, stronger fee revenue, loan growth, and improved credit quality.
U.S. Bancorp is the parent company of U.S. Bank, a major U.S. commercial bank that provides consumer banking, business banking, wealth management, payment services, capital markets, and corporate banking services.
The company reported diluted EPS of $1.35, above estimates of $1.28, representing a 5.5% earnings surprise. The dashboard showed revenue of $10.92 billion, above estimates of $7.62 billion, with revenue growth of 3.8%.
Net income attributable to U.S. Bancorp increased 20% to $2.18 billion.
Diluted EPS increased 22% to $1.35 from $1.11 in the prior-year quarter.
Record net revenue was $7.71 billion, up 10.1% year-over-year.
Net interest income on a taxable-equivalent basis increased 7.5% to $4.39 billion, driven by loan growth, improved earning asset mix, and fixed asset repricing.
Noninterest income increased 13.7% to $3.33 billion, reflecting higher fee revenue across all categories and contribution from the BTIG acquisition.
Net interest margin increased to 2.79%, compared with 2.66% a year earlier and 2.77% in the first quarter.
Return on average assets improved to 1.26%, compared with 1.08% in the prior-year quarter.
The efficiency ratio improved to 57.1%, compared with 59.2% a year earlier.
Management said the company generated 400 basis points of positive operating leverage from the prior-year quarter.
Average total loans increased 7.1% year-over-year to $405.5 billion.
Growth was driven by commercial loans, commercial real estate loans, and credit card loans.
Average total deposits increased 2.4% year-over-year to $515.1 billion.
Management said consumer deposits reached a third consecutive quarterly record.
The net charge-off ratio improved to 0.53%, compared with 0.59% in the prior-year quarter and 0.56% in the first quarter.
Provision for credit losses was $538 million, up from $501 million a year earlier due mainly to loan portfolio growth, but down from $576 million in the first quarter.
Nonperforming assets declined to $1.35 billion from $1.68 billion a year earlier.
The CET1 capital ratio was 10.8%, compared with 10.7% in the prior-year quarter.
U.S. Bancorp completed its acquisition of BTIG during the quarter.
BTIG contributed about $98 million in fee revenue and $84 million in noninterest expense.
The acquisition expands U.S. Bancorp’s capital markets capabilities, including institutional equity sales and trading, equity capital markets, electronic trading, and M&A advisory services.
Capital markets revenue increased 62.5% year-over-year to $512 million.
Investors are likely watching net interest margin, loan growth, deposit trends, credit quality, capital markets revenue, BTIG integration, fee income growth, expense control, and capital levels.
The earnings beat was positive, but the larger signal was record net revenue paired with improving credit quality and positive operating leverage.
U.S. Bancorp delivered a strong bank earnings report.
EPS beat estimates, net income rose 20%, net interest income improved, fee revenue grew across categories, and credit trends moved in the right direction. The BTIG acquisition also gives U.S. Bancorp more exposure to capital markets activity at a time when client demand and transaction activity are improving.
The key question is whether the bank can keep growing loans and fees while maintaining credit quality and controlling expenses.
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