U.S. Bancorp (USB) Q2 2026 earnings summary

Executive summary

• Record net revenue of $7.7 billion, up 10.1% year-over-year, driven by strong loan growth, broad-based fee momentum, and the initial impact of the BTIG acquisition.

• Net income attributable to shareholders rose 19.9% year-over-year to $2,177 million, with diluted EPS up 22% to $1.35.

• Achieved 400 basis points of positive operating leverage and improved efficiency ratio, with fee revenue rising to 44% of total revenue.

• BTIG acquisition completed, contributing $98 million in its first month and accelerating capital markets revenue.

• Consumer franchise momentum with record deposits and expanded multi-service relationships.

Financial highlights

• Net interest income (taxable-equivalent) increased 7.5% year-over-year to $4,387 million; noninterest income rose 13.7% to $3,325 million.

• Fee income increased 13.2% year-over-year, with capital markets revenue (ex-BTIG) up 31%.

• Average loans totaled $405 billion, up 7.1% year-over-year; average total assets reached $695 billion.

• Efficiency ratio improved to 57.1%; return on tangible common equity was 18.7%, and ROA was 1.26%.

• Net income to common shareholders increased 19.9% year-over-year to $2,177 million; diluted EPS reached $1.35, up 21.6%.

Outlook and guidance

• Third quarter 2026 guidance: net interest income growth of 4%-6% and fee revenue growth of 12%-14% year-over-year, with BTIG contributing ~$200 million per quarter.

• Full year 2026 net revenue growth expected at 7%-9% (5%-7% ex-BTIG), with 200+ basis points of positive operating leverage.

• Amazon Small Business Portfolio purchase to close mid-August, adding ~$75-$85 million revenue per quarter.

• Management expects continued loan and deposit growth, stable credit quality, and ongoing benefits from the BTIG acquisition.

• Regulatory capital ratios are expected to remain above well-capitalized thresholds.