The earnings call reflected a generally positive sentiment with strong revenue and earnings performance, improved capital position, and growth in fee businesses. However, challenges such as a decrease in deposits and loans, security rebalancing losses, and an increased net charge-off ratio were noted.

Company Guidance

During the U.S. Bancorp Q3 2024 earnings call, the management provided detailed guidance on several key metrics. The company reported a diluted earnings per share of $1.03 and total net revenue of $6.9 billion, with strong growth in net interest income contributing significantly. The net interest margin expanded by 7 basis points to 2.74%, while the return on tangible common equity stood at 17.9%. The common equity Tier 1 capital ratio increased to 10.5%, reflecting a 20 basis point improvement. Management highlighted stable nonperforming assets and a net charge-off ratio of 0.60%. Moving forward, they expect fourth-quarter net interest income to remain stable at around $4.17 billion, with full-year net interest income projected to hit the higher end of the $16.1 billion to $16.4 billion range. Additionally, the company anticipates mid-single-digit growth in noninterest income and expects to maintain a noninterest expense of approximately $16.8 billion for the year. These metrics underscore the company's focus on achieving positive operating leverage and expanding revenues as they head into 2025.

Strong Revenue and Earnings Performance

In the third quarter, U.S. Bancorp reported diluted earnings per share of $1.03 and generated total net revenue of $6.9 billion. The return on tangible common equity was 17.9%.

Improved Capital Position

The common equity Tier 1 capital ratio increased 20 basis points from the previous quarter to 10.5%.

Positive Operating Leverage

The company reported modest positive operating leverage, excluding net securities losses and prior year items, with expectations of further expansion in the fourth quarter and into 2025.

Fee Business Growth

Achieved year-over-year double-digit growth in commercial and investment products revenue, and good growth in trust and investment management, payment services, mortgage banking, and treasury management fee revenues.

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US Bancorp (USB) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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USB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 18, 2018	2018 (Q2)	- / 1.02	0.85	20.00% (+0.17)	―	―
Oct 17, 2018	2018 (Q3)	- / 1.06	0.88	20.45% (+0.18)	―	―
Jan 16, 2019	2018 (Q4)	- / 1.10	0.97	13.40% (+0.13)	―	―
Apr 17, 2019	2019 (Q1)	- / 1.00	0.96	4.17% (+0.04)	―	―
Jul 17, 2019	2019 (Q2)	- / 1.09	1.02	6.86% (+0.07)	―	―
Oct 16, 2019	2019 (Q3)	- / 1.15	1.06	8.49% (+0.09)	―	―
Jan 15, 2020	2019 (Q4)	- / 0.90	1.1	-18.18% (-0.20)	―	―
Apr 15, 2020	2020 (Q1)	- / 0.72	1	-28.00% (-0.28)	―	―
Jul 15, 2020	2020 (Q2)	- / 0.41	1.09	-62.39% (-0.68)	―	―
Oct 14, 2020	2020 (Q3)	- / 0.99	1.15	-13.91% (-0.16)	―	―

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

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USB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 16, 2025	$50.90	$48.03	-5.64%
Oct 16, 2024	$46.51	$48.70	+4.71%
Jul 17, 2024	$42.37	$44.30	+4.56%
Apr 17, 2024	$39.63	$38.20	-3.61%

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.

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