The earnings call highlighted strong EPS growth, positive operating leverage, and strategic repositioning of the balance sheet to ensure future growth. However, it also addressed challenges such as a decline in net interest margin due to deposit pricing pressures and increased short-term borrowing costs. Despite these challenges, the company's strategic initiatives and positive fee revenue growth indicate a cautiously optimistic outlook.

Company Guidance -

Q3 2025

During the U.S. Bancorp's Second Quarter 2025 Earnings Conference Call, the company provided guidance highlighting several key financial metrics and strategic initiatives. The bank reported earnings per share of $1.11 on net income of $1.8 billion, reflecting a year-over-year EPS growth of approximately 13%. Total fee revenue grew by 4.6% compared to the previous year, driven by core growth across diversified fee income businesses. The company achieved 250 basis points of year-over-year positive operating leverage, marking the fourth consecutive quarter of revenue growth outpacing expense growth. U.S. Bancorp generated an 18% return on tangible common equity and a return on average assets of 1.08%, with a high-50s efficiency ratio. The company's asset quality trends and credit metrics remained stable, and capital levels were well above regulatory minimums. Looking ahead, the bank expects to deliver positive operating leverage of 200 basis points or more on an adjusted basis for the full year 2025, with net interest income for the third quarter projected to be between $4.1 billion and $4.2 billion. Additionally, the company noted its strategic focus on expense discipline, organic growth, and the transformation of its payments business.

Earnings Per Share Growth

Reported earnings per share of $1.11 with a year-over-year EPS growth of approximately 13%.

Positive Operating Leverage

Achieved 250 basis points of year-over-year positive operating leverage, marking the fourth consecutive quarter of revenue growth outpacing expense growth.

Return on Tangible Common Equity

Generated an 18% return on tangible common equity and improved to a high-50s efficiency ratio.

Fee Revenue Growth

Total fee revenue growth of 4.6% year-over-year with robust performance across diversified fee income businesses.

Strategic Balance Sheet Actions

Divested approximately $6 billion in mortgage and auto loans to strategically reposition the balance sheet for stronger growth.

US Bancorp (USB) Earnings, Revenues Date & History

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USB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 16, 2025	2025 (Q3)	1.11 / -	1.03	―	―	―
Jul 17, 2025	2025 (Q2)	1.07 / 1.11	0.97	14.43% (+0.14)
Apr 16, 2025	2025 (Q1)	0.98 / 1.03	0.78	32.05% (+0.25)
Jan 16, 2025	2024 (Q4)	1.05 / 1.01	0.49	106.12% (+0.52)
Oct 16, 2024	2024 (Q3)	0.99 / 1.03	0.91	13.19% (+0.12)
Jul 17, 2024	2024 (Q2)	0.95 / 0.97	0.84	15.48% (+0.13)
Apr 17, 2024	2024 (Q1)	0.84 / 0.78	1.04	-25.00% (-0.26)
Jan 17, 2024	2023 (Q4)	0.68 / 0.49	0.57	-14.04% (-0.08)
Oct 18, 2023	2023 (Q3)	0.96 / 0.91	1.16	-21.55% (-0.25)
Jul 19, 2023	2023 (Q2)	1.04 / 0.84	0.99	-15.15% (-0.15)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

USB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 17, 2025	$45.68	$45.21	-1.03%
Apr 16, 2025	$38.21	$37.41	-2.09%
Jan 16, 2025	$49.75	$46.94	-5.65%
Oct 16, 2024	$45.46	$47.60	+4.71%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.