The earnings call reflected a strong performance with significant EPS growth, positive operating leverage, and strategic balance sheet repositioning. However, challenges such as a decline in net interest margin and deposit pricing pressures were noted. Overall, the highlights significantly outweigh the lowlights.

Company Guidance

During U.S. Bancorp's Second Quarter 2025 Earnings Conference Call, the company reported earnings per share of $1.11 and net income of $1.8 billion, reflecting a 13% increase in year-over-year EPS growth. Total fee revenue grew by 4.6% year-over-year, driven by diverse fee income businesses, and the company achieved 250 basis points of positive operating leverage. Return on tangible common equity was reported at 18%, with a return on average assets of 1.08% and an efficiency ratio in the high-50s. The company's CET1 capital ratio stood at 10.7%, and asset quality metrics remained stable, with credit metrics and capital levels above regulatory minimums. Despite a 6 basis point decline in net interest margin, U.S. Bancorp anticipates net interest income growth in the third quarter, with projected total fee revenue of approximately $3 billion. For the full year 2025, the company expects net revenue growth at the lower end of a 3% to 5% range, assuming two rate cuts, and aims to deliver 200 basis points or more of positive operating leverage.

EPS Growth

Reported earnings per share of $1.11, with year-over-year EPS growth as adjusted 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.

Fee Revenue Growth

Total fee revenue increased by 4.6% year-over-year, reflecting broad-based strength across businesses.

Return on Tangible Common Equity

Generated an 18% return on tangible common equity and a return on average assets of 1.08%.

Balance Sheet Repositioning

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.