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US Bancorp (USB)
NYSE:USB
Earnings Data
Report Date
Apr 16, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.13Last Year’s EPS
1.03Same Quarter Last Year
Moderate Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strong operational and financial performance with multiple key wins: record revenues, double-digit adjusted EPS growth, improving NII and NIM trends, robust fee income, better asset quality, and clear forward guidance for revenue growth and positive operating leverage. Management also articulated concrete strategic initiatives (BTIG acquisition, payments transformation, GFS expansion) and the capacity to balance investments with productivity. Principal risks highlighted were near-term merger costs, regulatory/tailoring uncertainty (possible Category Two implications), policy risks around credit card rate caps, and some segment-level variability (corporate payments). On balance, the positive financial trajectory and actionable guidance outweigh the identified near-term and regulatory risks.Company Guidance
Strong EPS and Revenue
Diluted earnings per common share of $1.26 in Q4 (adjusted), up ~18% year-over-year; record net revenue of $7.4 billion in Q4 and record full-year net revenue of $28.7 billion; Q4 total net revenue growth of 5.1%.
Net Interest Income and Margin Improvement
Net interest income increased 3.3% year-over-year (management comment) with fully taxable-equivalent NII of $4.3 billion (up 1.4% linked quarter); net interest margin improved 2 basis points sequentially to 2.77%.
Fee Revenue Strength and Mix
Fourth-quarter fee revenue up 7.6% year-over-year and full-year fee income up 6.7%, representing 42% of total net revenues for 2025; broad-based strength across payments, institutional and consumer fee businesses.
Positive Operating Leverage and Expense Discipline
Meaningful positive operating leverage: 440 basis points (adjusted) referenced for the quarter and ~370 basis points for full year 2025; nine consecutive quarters of largely stable expenses driven by productivity programs; full-year 2026 guidance expects positive operating leverage of 200+ basis points.
Asset Quality and Credit Metrics Improved
Nonperforming assets to loans & ORE ratio at 0.41% (improved 2 bps sequentially and 7 bps year-over-year); net charge-off ratio improved to 0.54% (down 2 bps sequentially); allowance for credit losses $7.9 billion, 2.03% of period-end loans.
Balance Sheet Momentum — Deposits and Loans
Total average deposits rose 0.7% linked quarter to $515 billion; record consumer deposit growth and noninterest-bearing deposits increased sequentially and year-over-year (noninterest-bearing ≈16% of deposits); average loans $384 billion, up 1.4% linked quarter, with commercial and credit card loan growth of ~10% and ~15.7% respectively (YoY) and now ~48% of total loans.
Capital and Returns
Tangible book value per common share increased 18.2% year-over-year; return on tangible common equity 18.4% and return on average assets 1.19% for the quarter; efficiency ratio improved to 57.4%.
BTIG Acquisition and Fee Revenue Upside
Pending bolt-on acquisition of BTIG (longstanding 10-year partnership, 350+ deals together) expected to add $175M–$200M of fee revenue per quarter (guidance excludes BTIG); management anticipates revenue synergies and expanded capital markets capabilities.
Global Fund Services (GFS) Growth
GFS total net revenue grew at ~12% in 2025 and has shown an ~11% CAGR since 2021; onboarded nearly half of new U.S. ETF launches in 2025 and is attracting operational deposits and money market AUM.
Forward Guidance
Full-year 2026 guidance: total net revenue growth 4%–6%; net interest income and fee revenue expected to show mid-single-digit momentum; Q1-2026 guidance: NII growth 3%–4%, fee revenue +5%–6%, and noninterest expense growth ~1% vs 2025.
USB Earnings History
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 |
|---|---|---|---|
Jan 20, 2026 | $54.40 | $54.38 | -0.04% |
Oct 17, 2025 | $45.65 | $45.69 | +0.09% |
Jul 17, 2025 | $45.20 | $44.73 | -1.03% |
Apr 16, 2025 | $37.80 | $37.01 | -2.10% |
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.
FAQ
When does US Bancorp (USB) report earnings?
US Bancorp (USB) is schdueled to report earning on Apr 16, 2026, Before Open (Confirmed).
What is US Bancorp (USB) earnings time?
US Bancorp (USB) earnings time is at Apr 16, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is USB EPS forecast?
USB EPS forecast for the fiscal quarter 2026 (Q1) is 1.13.
