EarningsQ2 2026 Earnings Report
MX:USB Q2 2026 EPS Results
Actual EPS$23.14
Consensus EPS$21.89
Beat/MissBeat by +$1.25
One Year Ago EPS$19.03
MX:USB Q2 2026 Revenue Results
Actual Revenue$186.95B
Expected Revenue$129.88B
Beat/MissBeat by +$57.06B
YoY Revenue Growth+0.91%
Earnings Announcement Details
QuarterQ2 2026
Date07/16/2026
TimeBefore Open
Conference CallThursday, July 16, 2026
MX:USB Upcoming Earnings
US Bancorp's next earnings date is estimated for October 15, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:USB Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum: record revenue, double-digit fee growth, meaningful loan growth, improved profitability and credit metrics, and upgraded guidance. Management acknowledged near-term integration costs (BTIG and Amazon), merchant processing softness (notably in Europe), and some expense/headwind items tied to strategic investments. Overall the positive drivers (revenue upgrades, fee acceleration, loan growth, improved efficiency and credit quality) outweigh the limited and largely transitory lowlights tied to integration costs, merchant processing softness, and seasonal deposit mix shifts.Company Guidance
Earnings Per Share Growth
Reported EPS of $1.35, an increase of approximately 22% year-over-year.
Record Net Revenue
Record net revenue of $7.7 billion, up 10.1% year-over-year.
Strong Fee Income
Total fee income grew 13.2% year-over-year (9.9% YoY excluding BTIG); fees comprised 44% of total revenue this quarter.
BTIG Acquisition Early Contribution
BTIG generated roughly $98 million of revenue in its first month (strongest monthly performance in BTIG history); company planning ~ $200 million per quarter contribution in H2 and aims to grow capital markets to >10% of company revenue over time.
Loan Growth
Average loans of $405 billion, up 7.1% year-over-year and 3.0% sequentially, with broad-based growth in C&I, commercial real estate, and card.
Net Interest Income and NIM Improvement
Net interest income (FTE) totaled $4.4 billion, up 7.5% year-over-year; net interest margin improved 2 basis points sequentially to 2.79%.
Profitability and Efficiency Gains
Return on tangible common equity (ROTCE) of 18.7%, return on average assets (ROA) of 1.26%, and efficiency ratio improved to 57.1%, with ~400 basis points of positive operating leverage in the quarter.
Consumer Franchise and Deposits
Consumer franchise strength with record consumer deposits for a third consecutive quarter; Smartly balances exceed $84 billion and 42% of consumer clients are multi-service (up ~2 percentage points over two years). Total average deposits up 2.4% YoY.
Credit Quality
Non-performing assets ratio improved to 0.33% (down 5 bps sequentially and 11 bps YoY); net charge-off ratio 0.53% (down 3 bps sequentially); allowance for credit losses steady at $8 billion or 1.94% of loans.
Upgraded Full-Year Guidance
Full-year 2026 net revenue growth guidance raised to 7%-9% (5%-7% excluding BTIG); third-quarter guidance includes NII growth 4%-6% YoY and total fee revenue growth 12%-14% YoY; expects ~200 basis points of positive operating leverage for the year (300+ bps excl BTIG).
Tangible Book Value and Capital
Tangible book value per common share eclipsed $30, up more than 13% year-over-year; common equity Tier 1 ratio 10.8% (9.4% including AOCI).
Strategic Investments and Partnerships
Announced Amazon small business portfolio purchase (expected close mid-August) and increased annual branch investment to ~$300 million to densify presence in ~10 high household-formation markets.
MX: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