U.S. Bancorp (USB) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Jan 19, 2027 — estimated from last year’s reporting date.

Consensus is $1.42 EPS for Dec 2026 across 10 estimates, ranging $1.38 to $1.57.

USB Sep 2026

Reported Oct 15, 2026 · before the open

: 1.52%

: $1.32
: $1.34
: —
: —

Highlights

EPS beat: Diluted EPS was $1.34, 1.5% above the $1.32 consensus, though down from $1.35 in Q2 and up from $1.22 a year ago.
Revenue and earnings: Revenue was $7.95 billion, up 3.4% sequentially and about 8.9% year over year; net income rose to $2.21 billion from $2.18 billion in Q2 and $2.01 billion a year ago.
Net interest income: Net interest income increased to $4.47 billion from $4.36 billion in Q2 and $4.22 billion a year ago; taxable-equivalent net interest margin widened to 2.84% from 2.79% and 2.75%, respectively.
Fee income: Noninterest income rose to $3.48 billion from $3.33 billion in Q2 and $3.08 billion a year ago, led by capital markets revenue of $640 million, up from $512 million and $378 million.
Credit costs: Provision for credit losses increased to $654 million from $538 million in Q2 and $571 million a year ago; the allowance for loan losses reached $7.82 billion, versus $7.65 billion at June 30.
Loan growth: Period-end loans grew 1.2% sequentially to $415.2 billion and 8.6% year over year, with commercial, commercial real estate and credit card balances contributing to growth.
Expense discipline: Noninterest expense rose 1.5% sequentially to $4.49 billion, but the efficiency ratio improved to 55.9% from 57.1% in Q2 and 57.2% a year ago.
Dividend: The company declared a quarterly common dividend of $0.54 per share, up from $0.52 in each of the prior four quarters shown.

Analysis

U.S. Bancorp delivered a modest EPS beat in the September quarter: diluted EPS of $1.34 exceeded the $1.32 consensus by 1.5%. Revenue of $7.95 billion increased 3.4% from Q2’s $7.71 billion and about 8.9% from $7.30 billion a year earlier. Net income was $2.21 billion, compared with $2.18 billion in Q2 and $2.01 billion in Q3 2025. EPS was a penny below the prior quarter’s $1.35, but 12 cents above the year-ago $1.22.

The print was defined by improving spread income and a sharp rebound in capital markets, tempered by a higher credit provision and continued expense growth. Net interest income rose 2.5% sequentially to $4.47 billion, while taxable-equivalent net interest margin expanded five basis points to 2.84%. Noninterest income gained 4.7% to $3.48 billion, with capital markets revenue up $128 million from Q2. Provision expense rose $116 million sequentially to $654 million. Expenses increased to $4.49 billion, but revenue growth outpaced costs and the efficiency ratio improved to 55.9%.

Earnings and revenue

EPS: Diluted EPS of $1.34 beat the $1.32 consensus by 1.5%; it was down from $1.35 in Q2 and up from $1.22 a year ago.
Net income: Net income was $2.21 billion, up 1.1% sequentially from $2.18 billion and 10.0% from $2.01 billion in Q3 2025. Net income applicable to common shareholders was $2.10 billion, essentially unchanged from $2.10 billion in Q2.
Revenue: Net interest income plus noninterest income totaled $7.95 billion, versus $7.71 billion in Q2 and $7.30 billion a year earlier.

Net interest income

NII and margin: GAAP net interest income increased to $4.47 billion from $4.36 billion in Q2 and $4.22 billion a year earlier. Taxable-equivalent net interest margin rose to 2.84%, from 2.79% and 2.75%, respectively.
Funding costs: Interest expense was $3.31 billion, up from $3.24 billion in Q2 but down from $3.58 billion a year ago. Average interest-bearing deposit costs were 2.22%, versus 2.15% in Q2 and 2.43% a year earlier.
Balances: Average loans reached $409.5 billion, up 1.0% sequentially and 8.0% year over year. Average interest-bearing deposits rose 2.6% sequentially to $445.6 billion.

Fee income

Noninterest income: Totaled $3.48 billion, up 4.7% from Q2 and 13.1% year over year.
Capital markets: Revenue rose to $640 million from $512 million in Q2 and $378 million a year ago, accounting for most of the sequential increase in noninterest income.
Other fee lines: Trust and investment management fees were $802 million, up from $785 million in Q2 and $730 million a year earlier. Merchant processing revenue was $461 million, down from $485 million sequentially; securities losses widened to $65 million from $49 million.

Credit and lending

Provision: Credit-loss provision increased to $654 million from $538 million in Q2 and $571 million a year ago. The allowance for loan losses was $7.82 billion at quarter-end, up from $7.65 billion at June 30.
Loan balances: Period-end loans were $415.2 billion, up $4.9 billion sequentially and $32.7 billion year over year. Commercial loans were $158.8 billion and commercial real estate loans $53.5 billion; credit card loans grew to $41.6 billion from $39.1 billion in Q2.
Deposits: Period-end deposits were $531.7 billion, little changed from $532.1 billion in Q2 and up from $526.1 billion a year earlier.

Expenses and efficiency

Expense base: Noninterest expense increased to $4.49 billion from $4.43 billion in Q2 and $4.20 billion a year ago. Compensation rose to $2.75 billion from $2.69 billion sequentially, while technology and communications expense increased to $666 million from $601 million.
Efficiency: The efficiency ratio improved to 55.9% from 57.1% in Q2 and 57.2% a year earlier, as revenue growth exceeded expense growth.

Business segments

Wealth, Corporate, Commercial and Institutional Banking: Net revenue was $4.00 billion, up from $3.77 billion in Q2 and $3.33 billion a year ago. Net income rose to $1.60 billion from $1.51 billion and $1.23 billion, respectively; capital markets revenue reached $644 million.
Consumer and Business Banking: Net revenue was $2.40 billion, compared with $2.38 billion in Q2 and $2.42 billion a year earlier. Net income increased to $633 million from $593 million in both comparison quarters.

U.S. Bancorp

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