U.s. Bancorp Stock Earnings Reports

U.S. Bancorp reported strong second-quarter 2026 results with EPS of $1.35 (up ~22% YoY) and record net revenue of $7.7 billion (10.1% YoY). Fee income now represents 44% of revenue and accelerated across capital markets, payments, trust/investment management and consumer fees. The recently closed BTIG acquisition performed ahead of expectations (approximately $98 million of revenue in June) and management intends to grow capital markets to >10% of company revenue over time. Management raised its full-year net revenue outlook to +7% to +9% (or +5% to +7% ex-BTIG) and expects roughly 200 bps of positive operating leverage for the year (300+ bps ex-BTIG). Third-quarter guidance (inclusive of BTIG) calls for NII growth of 4%–6% YoY, fee revenue growth of 12%–14% YoY, and non-interest expense growth of ~8% (core expense ~3.5% ex-BTIG). The Amazon small-business portfolio purchase (expected to close mid-August) is included in guidance and will require an approximately $160 million reserve build; management expects ~$75M–$85M of revenue (mostly NII) on an annualized basis from that portfolio. Profitability and capital metrics remain strong: ROTCE 18.7%, ROA 1.26%, efficiency ratio 57.1%, average loans up 7.1% YoY, average deposits +2.4% YoY, and CET1 ratio 10.8% (9.4% incl. AOCI). Management is increasing consumer branch investment (targeting ~$300M annually) to densify high-growth markets and is focused on fee-driven, diversified growth while maintaining expense discipline and credit quality.