U.S. Bancorp — Third Quarter 2026 Earnings Summary

Financial Performance

• Net income attributable to U.S. Bancorp was $2,202 million, a 10.0% increase year-over-year from $2,001 million in Q3 2025.
• Diluted earnings per common share were $1.34, up 9.8% year-over-year from $1.22.
• Total net revenue reached a record $7,970 million, an 8.7% increase year-over-year, driven by a 5.6% rise in net interest income and a 14.9% increase in fee revenue.
• Net interest income on a taxable-equivalent basis was $4,490 million; net interest margin was 2.84%, an increase of 9 basis points year-over-year.
• Noninterest income was $3,480 million, up 13.1% year-over-year, primarily due to capital markets revenue.
• Noninterest expense was $4,493 million, a 7.1% increase year-over-year, driven by the BTIG acquisition, higher compensation, and technology investments.
• Provision for credit losses was $654 million, a 14.5% increase year-over-year, largely due to a $135 million initial provision for an acquired small business credit card portfolio.
• Net charge-off ratio improved to 0.51% from 0.56% in Q3 2025.
• Return on average assets was 1.25% and return on tangible common equity was 18.5%.
• Efficiency ratio improved to 55.9% from 57.2% year-over-year.
• Average total loans increased 8.0% year-over-year to $409,548 million; average total deposits increased 2.9% year-over-year to $526,602 million.
• Common equity tier 1 (CET1) capital ratio was 10.8% at September 30, 2026.
• Book value per common share was $38.27; tangible book value per common share was $29.34.

Business Segments and Product Lines

• Wealth, Corporate, Commercial and Institutional Banking: Net income attributable to the segment was $1,598 million, up 29.8% year-over-year, driven by higher capital markets revenue from BTIG and trust fees.
• Consumer and Business Banking: Net income was $633 million, up 6.7% year-over-year.
• Payment Services: Net income was $175 million, down 31.4% year-over-year.
• Treasury and Corporate Support: Net loss was $204 million, widening from a $78 million loss year-over-year.
• BTIG Acquisition: The segment reported a full quarter of BTIG results, driving a 69.3% year-over-year increase in capital markets revenue.
• Small Business Initiatives: Launched two new credit cards (Business Essentials and Business Essentials Plus) and onboarded a strategic small business credit card relationship.
• Digital Assets: Successfully completed a live pilot transaction using USBDC (a proprietary U.S. dollar-backed stablecoin) on the Stellar blockchain for cross-border payments.
• Payments Transformation: Achieved combined revenue growth of 6.5% year-over-year.

Other Key Points

• Dividends: Declared dividends of $0.54 per common share, an increase from $0.52 in the prior quarter and year-ago period.
• Acquisitions: The results include the full impact of the BTIG acquisition and the purchase of a small business credit card portfolio.
• Share Repurchases: No shares were repurchased in the third quarter of 2026.
• Conference Call: Scheduled for October 15, 2026, at 8 a.m. CT with CEO Gunjan Kedia and CFO John Stern.
• Organization Changes: The Impact Finance business unit was moved from Treasury and Corporate Support to Wealth, Corporate, Commercial and Institutional Banking; debit card revenue was reallocated to Consumer and Business Banking.