U.S. Bancorp (USB) Q2 2026: Record Revenue and Earnings Growth — Strongly Positive

In the second quarter of 2026, U.S. Bancorp reported record net revenue of $7,712 million, reflecting an increase of $651 million or 9.2% compared to the same quarter last year. This robust performance was driven by a 7.5% increase in net interest income and a 13.2% rise in fee revenue.

This quarter's results are undoubtedly positive for shareholders, showcasing significant growth in both revenue and earnings. The net income attributable to U.S. Bancorp reached $2,177 million, marking a 20% increase year-over-year. Additionally, diluted earnings per common share rose to $1.35, up 22% from $1.11 in Q2 2025. The strong performance is indicative of effective management and a favorable economic backdrop, which bodes well for future growth.

Key Financial Metrics:

• Net Revenue: $7,712 million, up $651 million or +9.2% YoY
• Net Income: $2,177 million, up $362 million or +20% YoY
• Diluted EPS: $1.35, up $0.24 or +22% YoY
• Net Interest Income: $4,387 million, up $307 million or +7.5% YoY
• Noninterest Income: $3,325 million, up $401 million or +13.7% YoY
• Return on Average Assets: 1.26%, improved from 1.08% YoY
• Efficiency Ratio: 57.1%, improved from 59.2% YoY

Dividend and Share Buyback:

U.S. Bancorp declared a dividend of $0.52 per common share, consistent with the previous quarter and up from $0.50 in Q2 2025. The company also continued its share repurchase program, utilizing part of its $5.0 billion authorization, which is a positive signal of confidence in its financial health.

Guidance and Future Outlook:

Looking ahead, U.S. Bancorp's management expressed optimism about the second half of the year, citing a favorable economic environment and strong momentum from its diversified business mix. The recent acquisition of BTIG is expected to enhance its capital markets capabilities, providing additional growth opportunities. Investors should watch for how this acquisition integrates into the business and its impact on revenue streams in the upcoming quarters.

Conclusion:

Overall, U.S. Bancorp's Q2 2026 results reflect a strong operational performance with significant year-over-year growth in both revenue and earnings. The company's strategic initiatives, including the BTIG acquisition, position it well for continued success. Shareholders can be encouraged by the solid financial metrics and the consistent dividend policy, indicating a commitment to returning value. Investors should keep an eye on the integration of BTIG and the overall economic conditions as potential catalysts for future growth.

Here are the extracted tables from the press release:

INCOME STATEMENTS

Amounts in millions

	2Q26	1Q26	2Q25
Net interest income	$4,387	$4,291	$4,080
Noninterest income	$3,325	$2,997	$2,924
Noninterest expense	$4,428	$4,265	$4,181
Net income attributable to U.S. Bancorp	$2,177	$1,945	$1,815
Diluted earnings per common share	$1.35	$1.18	$1.11
Dividends declared per common share	$.52	$.52	$.50

BALANCE SHEET

Amounts in millions

	2Q26	1Q26	2Q25
Average total loans	$405,481	$393,560	$378,529
Average total deposits	$515,080	$515,119	$502,890
Net charge-off ratio (%)	.53	.56	.59
Book value per common share (period end)	$38.91	$37.93	$35.06
Tangible book value per common share (period end)	$30.04	$29.56	$26.52
Basel III CET1 (%)	10.8	10.8	10.7

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