U.s. Bancorp Stock Earnings Reports

U.S. Bancorp reported a strong Q2 2026: EPS $1.35 (+22% YoY) and record net revenue of $7.7B (+10.1% YoY). Fee income now represents 44% of revenue and accelerated across capital markets, payments, trust & investment, and consumer fees. The recently closed BTIG acquisition produced ~ $98M of capital markets revenue in June (its strongest month ever) and management expects ~ $200M per quarter contribution in the back half of the year as integration progresses. Net interest income (FTE) was $4.4B (+7.5% YoY) and NIM improved to 2.79%; average loans grew to $405B (+7.1% YoY). Credit remains healthy (NPA ratio 0.33%, net charge-offs 0.53%, ACL $8B or 1.94% of loans). ROTCE was 18.7%, ROA 1.26%, and efficiency ratio improved to 57.1%. CET1 was 10.8% (9.4% incl. AOCI). Management is pursuing an expanded consumer deposit strategy (Smartly product balances > $84B), increasing branch investment to ~$300M annually, and targeting >10% of company revenue from capital markets over time. Guidance: Q3 NII growth 4%–6% (FTE vs Q3 2025), Q3 fee growth 12%–14%, Q3 non-interest expense ~+8% YoY (core expense ex-BTIG ~3.5%). Full-year 2026 net revenue growth raised to 7%–9% (5%–7% ex-BTIG); management expects ~200 bps of positive operating leverage for the year and >300 bps excluding BTIG. They also expect to recognize approximately $160M reserve build related to the Amazon Small Business portfolio purchase (anticipated mid‑August close).